The market is currently in its window for a decline. The 10 day moving averages of the put/call ratios have reached an extreme. Expiration is now behind us and the market will be overbought on an intermediate term basis tomorrow. This window will stay open for about another week when the beginning of the month rolls around.
The S&P 500 is sitting where it was a week ago, even though it might feel like the market is taking off. It is generally very difficult for the market to make large advances under the conditions I described. I am going to continue to give the benefit of the doubt to the bears given the current backdrop.