I believe it is time to start looking for long entries. The market is oversold according to the total put/call ratio 5 day ema:
Also, the market will have a general upward bias heading into Friday's Jackson Hole speech.
A good level to enter is the lower end of the overnight range, around 1110. If today gaps up and keeps going, an opportunity to go long might come up tomorrow, but from higher levels.
The next development in this bear market rally is a move up to 1200 and above. The rally will continue until the cpc 5 day ema above approaches the upper horizontal line.
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