The market will be oversold at the end of the day today, but it will not be a great reading. On net, the market has gone down slightly over the past two weeks but the action has been choppy and has not led to extreme sentiment.
The S&P 500 has already rallied 20 points from the lows yesterday morning. Recently, it has not paid to chase weakness or strength and I do not intend to do so. While I would rather be long than short, I prefer to buy on weakness.
I have a moderate trading long in the SPY and am short SPY puts that will likely expire worthless today. I had intended to add to my trading long today but I am unwilling to chase this strength. If the strength continues I will likely sell covered calls against my trading long.