If you are asking about long term, i still think we are in a secular bear market, the bottom we put in late in July, may serve for a three to nine months bull move, namely the nature of a retest after the run to 1550, will determine if we are going into a cyclical bull move or not. If the retest is deep, but not breaching and generate sentiments indicator not worse than the July lows, I will probably turn more constructive on the first half of next year, if the retest is shallow (as we had last December), I will turn negative on the first half of next year. I realize it is counter intuitive, but that is the way the markets are, I believe.
Zeev
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