We had a modest gain in SPY and the other majors today but the TrendX (right side panel) remains in a negative mode as does the consensus M3 amd LM signals. On the bullish side XIV made a nice bump up today and further clouding the crystal ball is a quick look at the M3 rankings which have SH as #1 and XIV as #2. Employment data out tomorrow AM has typically led to bullish pops over the past 6 months. The offset is that any negative earnings surprises in the high profile stocks could stimulate a further decline in the indices.