Here are the latest technical and sentiment indicators:
S&P 500 (daily chart) is below its 50-day MA and pointing down = Bearish
MACD (S&P 500; 19,39,9) is slightly above the zero line and pointing down = Neutral
MACD (S&P 500; 19,39,9) is below its signal line = Bearish
S&P 500 support is 2,122 (100-day MA), 2,050, and 2,000.
II survey: (Sept. 13) 49% Bulls; 22.6% Bears = Bearish
AAII survey: (Sept. 14): 27.9% Bulls; 35.9% Bears = Neutral
VIX: @ 15.37 = Neutral
RSI: (S&P 500) @ 42.91 = Neutral
Comment: Market is down but not out. The Fed and BOJ have market-moving meetings and statements this week. It’s a good idea to sit on the sidelines and watch to see if market continues to retreat, or if the central bank can keep markets calm. The odds are good volatility will continue during the week. Nevertheless, market typically moves higher right before and during Fed meeting.