Markets reached a maybe high today and I am basing this strictly on price action during session. SPY tagged its SepR1 and I wish to point out the similarities to the 8/21 bottom (where I also said "maybe low").

Monthly S1 / R1
2 hour chart RSI near extremes, with divergence
Sentiment (bearish 8/21, bullish 9/14)
Weekly chart technicals - rising 20MA on the low, upper Bollinger band in play here
Timing 8/21 & 9/13 both on the list of more likely turn dates in Total market view (9/13 close high, and sometimes dates are +/- 1)

So why not?

Now, some additional factors -
SPX has been sold every time it gets near 18x forward earnings, about where it is now according to my 10 week moving average system - 2492
NDX leading down and actually below Aug close
TLT recovered YP - a big deal according to The Pivotal Perspective
GLD also rallied back to YR1 and erased the rejection

While some people will be thinking the market response will be the same as 8/29, I am thinking opposite. We'll see what happens.

SPY daily as usual, weekly with moving averages and Bollinger bands, and 2 hour SPY. Arrows at AugS1 in green and SepR1 in red. And TLT - reclaiming its YP for the 3rd time this year.

PS: In this brief daily comment, I have considered the market through:

Pivots
Other technicals
Risk vs safe haven analysis
Sentiment
Valuation
Timing

Which should be familiar, as these are the components of my weekly Total market view on the blog. Algorithms and so called quants are looking for specific isolated factors which turn into a back tested edge; I am considering the balance of clues over these 6 factors for likelihood of the next move. The quant method is reductionistic; this is synthetic and adapts to today's market behavior instead of over-reliance on backtests which often have little to do with the current environment.