I think the put/call ratio may be considered oversold, or close to oversold. It has moved about 0.2, about as much as in previous cases.
This makes me think that the 1165 level on the SPX will not be breached on the downside before the start of the new leg up. A buy opportunity will emerge by the end of this week. I expect a move above 1185 SPX that will last until the FOMC meets at the beginning of November.
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