At 12:15 today most of the daily and 60 min short-term indicators that I use are providing a possible new LONG signal for the close if the extreme oversold conditions remain at 4:00. At the very least I will exit my current SHORT RUT/NDX positions to CASH if the Long signal deteriorates. The RUT index found support at the 200 day 60 min line on Sept 1st - it is currently right at that same line once again.

The SPX and NDX have single digit RSI-2 values at the moment. The average RSI-2 value of RUT, SPX, and NDX is right near 7%.

The SPX, Dow, and NDX BB's are currently are 2.5 deviations below the 20 day mid line. The MID index is below the 2.0 BB line. The SPX remains within the same high-low corridor that it has traded in for the last 40+ days with 2147.50 as the low during that time frame.

Naturally the risk to taking a new LONG comes from the possibility of another idiot from the FED dropping more "hints" over the weekend that a Sept rate increase is in the works.