FYI, my market risk indicator is still warning. The bullish percent index is still below 60, but close enough that it could clear soon.

The S&P 500 Index (SPX) is consolidating along its 50 day moving average. A significant move above it would almost certainly clear the market risk warning. 

Another way the warning could clear is a retracement that doesn’t break below the lows posted earlier this month, then a slow steady climb upward. The market is at an inflection point and the market risk indicator is waiting to see which way it breaks so until the warning is cleared the portfolios are in cash or hedged with midterm volatility.