Despite a couple of rough days this week, buy signals have emerged from our short-term oversold indicators, and so we have a more bullish outlook for the short term but not necessarily for the intermediate- term.
$SPX has retested the August lows and formed a "W" bottom, so that is support at 1870. A violation of that area would force a retest of the October lows at 1820. A move above 2000 would be bulllish.
Put-call ratios turned bullish just over a week ago, and they remain on buy signals now.
Breadth has been weak, though, and both breadth oscillators remain on sell signals.
In the short term, three indicators have...