Yesterday’s market weakness caused the percentage of S&P 500 (SPX) components above their 10-day moving average to drop into oversold territory at 13.52%.  Clearly, nervousness over China’s economic and market weakness and rising yields domestically has investors on edge, and while a bounce is possible given the internal weakness that began in early-July our intermediate-term indicators remain in the high end of neutral and not yet indicative of a high conviction entry point.  Here are the closing levels of our four key tactical indicators over the past five days:

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