Market position: Neutral.
The subtle signs of an oversold market which were referred to last time, have enabled a change in the current downtrend from a possible significant correction (i.e. SPX to 800-840) to a minor retracement of recent gains (SPX 880). From a technical standpont, it appears that SPX and other indices are forming a flag (downtrending trading range) as a pause in the rally from the March lows. We are currently neutral, as it will take a breakout (either way) to turn firmly bullish or bearish.
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