Written by Gary

Noontime markets are in a somewhat sideways holding pattern in that Mr. Market hasn't decided what he wants to do next.

By noon the trend was still down, but flatting a bit on falling volume. The DOW is still off triple points and WTI oil trades below 51.

If it is not falling oil pushing down the averages, it must be Europe!

Our medium term indicators are leaning towards sell portfolio of non-performers at the midday and the session market direction meter is 100+ % bearish. We remain mostly conservatively bullish (even now), neutral in other words. Right now now I am getting very concerned any downtrend (like this one) could get very aggressive in the short-term and any volatility may also promote sudden reversals. The SP500MACD has turned down, but remains above zero at +6.66. I would advise caution in taking any position during this uncertain period and I hope you have returned your ‘dogs' to the pound.

Having some cash on hand now is not a bad strategy as market changes are happening everyday. As of now, I do not see any leading indicators that are warnings of a ‘long-term' reversal in the near-term. There may be one later in 2015, but any market fluctuations we see now are more of a internal market rectification than a bear market.

Investing.com members' sentiments are 52 % Bearish.

Investors Intelligence sets the breath at 54.9 % bullish with the status at BearConfirmed. (Chart Here ) I expect a market reversal at or before ~25.0 should the markets start to descend.

StockChart.com Overbought / Oversold Index ($NYMO) is at +6.13. (Chart Here) But anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold.

StockChart.com NYSE % of stocks above 200 DMA Index ($NYA200R) is at52.76 %. (Chart Here) The next support is ~37.00, ~25.00 and ~15.00 below that. December, 2011 was the last time we saw numbers in the 20's.