It's been quite a while since I have seen new lows for the day after the lunch and a weak close. The market has broken out of the range but does not seem to gain momentum on the upside. As I am writing this it is retesting the upper boundary.
The put/call ratio is not very suggestive regarding a future path for the spx:
It has been oversold, but the bears seem to have given up judging by the spike up (on my inverted chart). Yesterday's selling didn't move the ratio very much.
This is why today I would not be surprised by a fall back into the range. This might allow the market to recharge batteries for the move up until next week.
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