I am looking at a mix of bullish and bearish studies right now. One indicator arguing for the bears is the VIX. The VIX is a measure of volatility and it typically moves counter to the SPX. So it will most often rise when the SPX moves down and it will drop when SPX rallies. Yesterday both the SPX and the VIX closed higher. And they did so for the 2nd day in a row. The study below is an old one that looks at other times this has occurred and the market is in a long-term uptrend. All results are updated.
While not overwhelming, the numbers here provide the bears some hope over the next 1-2 days.