Here are the latest technical and sentiment indicators:

 Technical Indicators (daily chart)

S&P 500 is above its 50-day MA = Bullish

MACD (S&P 500; 19,39,9) is above its zero line = Bullish

MACD (S&P 500; 19,39,9) is even with its signal line  = Neutral

S&P 500 support @ 2450 and 2400

 

Sentiment Indicators (+RSI)

II survey: (August 29): 49.5% Bulls; 19.1% Bears = Neutral

AAII survey: (August 30): 25.0% Bulls; 39.9% Bears = Neutral

VIX: @ 10.13 = Bearish

RSI: (S&P 500) @ 60.13 = Neutral

Comment: As expected, the market took a hit last week, but the selloff lasted only an hour before the computer algos entered the market with buy orders, and the market went higher. Overnight, geopolitical concerns set the S&P futures back a little but it recovered. Bottom line: The bullish algos are in control. One day the uptrend will change to a downtrend and the algos will change strategies, but until that day arrives, be cautious and conservative with your trades.