The chart below is my market timing signal that I have had for a few months. I think that based on the last 7 signals it may be worth paying attention to (I hadn't tracked it officially before then). I alerted about Thursday's signal; for now I think it is worth just observing. Be careful trading based on this indicator; it has not been proven and it is still in its infancy. I will post regular updates on this market timing signal on this site.
The chart below is the S&P 500, its 19/39 EMA, as well as its Price Oscillator. Two weeks ago I pointed out when the 19 and 39 EMA cross, as they did in May. There was a pause in the downtrend before falling down even more. This pattern played out again this week as the pause was over and the downtrend resumed further. What is also interesting in this chart is that the Price Oscillator was bumpy going up since the uptrend in June; it showed the bulls were not fully in charge (highlighted by the angled rectangle). This foreshadowed the current correction. However, the Price Oscillator is now in a downtrend; it is rather bumpy as well, meaning the bears also show weakness. This type of up and down weakness is probably foreshadowing the markets will be traveling sideways for a while.
The final chart is the Ratio Summation Index. The NYSI spent quite a bit of time above +500; for several months when this occurs, the market never makes a final price high at those levels. On the left hand side, the NYSI spent a lot of time over +500 before proceeding down. What occurred was a bulltrap called a fishhook (named by Tom McClellan), where the S&P 500 made a double top and rolled over. A similar situation may play out soon (if the bearish case is correct), otherwise the uptrend may resume, as that is what this indicator is promising us. In summary, the last two charts (Price Oscillator and NYSI) give some hope that the markets are just correcting and may resume upward/sideways.