In late September I showed a chart that I use for general clues about the market. It compares a short of the S&P 500 Index (SH), an actively managed short fund (HDGE), and mid-term volatility (VXZ).

Our measures of trend have been bouncing back and forth across the zero line this week and are currently negative. If they are still negative on Friday we’ll be raising more cash and/or adding a larger hedge before the week ends. Here are some of the things I’m watching at the moment.

I’m starting to see more things that suggest the worst isn’t behind us. The churn during March and April didn’t show big signs of fear or mass selling.

The S&P 500 has traded above its 200-day moving average for 394 trading sessions. That has never occurred in the history of the heralded benchmark. The previous record? 385 trading days in the mid-90s.