I don't have much to say about the markets (as of Wednesday's close), except to note that the World Market Index (50-day MA and 1900 near-term support level) and the SPX:VIX Ratio (200 price level) are, once again, at/near their respective inflection point.

Downtrending technical indicators are not (yet) supportive of continuing strength in these equity markets and may be signalling that longer-term weakness is ahead, as I mentioned here.

Perhaps we'll get a clearer picture of direction after the conclusion of this week's Jackson Hole meeting.

(Click on image to enlarge)

(Click on image to enlarge)