The S&P 500 fell about 12% from its recent and all-time high, and bottomed out last week. The market subsequently rallied off the bottom to be down only around 6% last Friday. The S&P 500 has had a text book 50% retracement off the bottom. We are exactly in no man’s land. Our technical model is at a sell and would need a significant drop or advance to change to a buy. We view the bounce as a counter trend rally, as the current market is currently in a down trend. We are expecting some modest upside in the market, to be followed by some sort of retest of the low.

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Market in a Minute 2015-9-1