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Stock Indicators: Moderately Bearish (9/3/10; 12:30pm ET)

|Includes: SPDR S&P 500 Trust ETF (SPY), SPY

With the market rally, our indicators have changed to an overall slightly bearish position.  Our long-term models have changed from a medium bearish signal to a moderately short position.  

Our intermediate-term models have flipped from a moderate/medium long position to a moderately bearish signal.  

Both signals are bearish -- but note that both are just "moderate."  As a result, traders should look to the shorter-term trend for additional direction. 

Investors should be cautious.  

Disclosure: neutral position entering Labor Day wkend