Here are the latest technical and sentiment indicators:
Technical Indicators (daily chart)
S&P 500 is below its 50-day, 100-day moving averages = Bearish
MACD (S&P 500; 19,39,9) is below the zero line = Bearish
MACD (S&P 500; 19,39,9) is below its signal line = Bearish
S&P 500 is slightly above its 200-day MA @ 2,083; next support is 2,077.
II survey: (Nov. 1) 41.7% Bulls; 24.3% Bears = Neutral
AAII survey: (Nov. 2): 23.6% Bulls; 34.3% Bears = Neutral
VIX: @ 22.51 = Neutral
RSI: (S&P 500) @ 28.26 = Bullish
Comment: Technical indicators reflect the 9-day losing streak of the S&P 500. The main bright spot is the RSI, and even the VIX, which reflects an oversold market. My gut tells me the market will rally (i.e. bounce) this week, but meanwhile, everyone is holding their breath until the election is over. Institutions are on the sidelines now, but that will change on Wednesday. The 200-day MA should hold at 2,083 unless there is a selling frenzy.