Both the short term indicators (chart below,) and investor sentiment indicator (chart not shown) triggered new sells yesterday, signalling it is time to lock in profits on longs and raise cash to cut stock market exposure in 1/2.
The trend remains up, so too early to head for the hills or go short, though we have everything in place for something bad to land out of the blue, so caution is warranted till the short term indicators reach the buy position again.
Note the recent buy in early August (green circle/arrow,) and note the twin sells from the upper indicators (yellow circle/arrow.)
Wait for the next green circle buy before reentering long positions, though don't be surprised if we are in outright sell mode by that time, in which case remove all longs and trade short when the trend turns negative for real.
I expect the trading action for the remainder of the year to be spectacular, though too early to tell if it is a 1999 or 1987 repeat we face.
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-Kevin