Last week the SPX gained 3 points roughly trading between 2142 and 2172 with strong resistance provided by the 50 DMA. The indicators I follow also showed little net movement, but the VIX P/C may have bottomed with a move from the .30s to the .60s on Friday. I have been looking for one last move up in the EMAs to match the May 2015 top.
The Short Term Indicator has moved down closer to neutral, but I expect a move down to near the SELL line similar to July-August of 2015 to indicate a selling opportunity.
The Overall Indicator Scoreboard is following a similar pattern timing wise to the ST Indicator and should decline more before a shorting opportunity.
Conclusion. As the last two weeks have pointed out, sometimes sitting on the sidelines is the safest investment strategy. November looks to be a pivotal month.
Weekly Trade Alert. October option expiration week has provided upside surprises more often than not. So I will be watching this week for a long setup. No guidelines for now.