Yesterday’s weakness brought our most sensitive tactical indicators closer to an oversold condition.  The percentage of S&P 500 (SPX) components trading above the 10-day moving average rests just above 20%, a level we find as becoming significant.  In addition, the CBOE Volatility Index (VIX) has begun to show an increase in nervousness.  Here are the closing levels for our four key tactical indicators over the past five days:

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