At the beginning of the week I noted we were likely to see a reprieve as we saw a string of down days with lots of put buying . We have now seen that reprieve, which makes for tougher trading. We are neither overbought nor oversold, but closer to being oversold. Sentiment is not at a bullish extreme or a bearish extreme, but closer to a bullish extreme.
I believe that we are in a trading market and that it will pay to fade the extremes. Unfortunately, there are none to speak of right now. If we sold off through the end of the week the long side would be interesting for a trade.