SPX Update

The near term continues to be less than ideal for traders, with SPX stubbornly refusing to resolve itself.  Both recently discussed near-term options thus remain on the table, with bulls still keeping hope alive for at least a relief rally:

Investor sentiment has reached extremes in terms of the recent bull market, and maybe that will help generate a bounce -- but keep in mind that if the market has become a bear, then (whether this indicator works here or not), indicators that worked during the ~13 year bull market will begin to fail, and will eventually fail spectacularly.

In conclusion, bulls have kept hope alive for at least a near-term relief rally, but no resolution so far, so bears aren't out of the near-term game just yet (bigger picture, they will remain very much in the game, even if SPX rallies up toward 4717).  Trade safe.