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" ...I'd like to suggest if this is a typical McClellan cycle, we should bounce any minute, decline again in a week or so from when that bounce begins to either retest the lows or put in a low above a low with ideally the Oscillator putting in a divergence, rally again for another week or so, decline again in another divergent low above a low -- into what is commonly known in McClellan-land as a "buy spike"; and thus form a complex bottom in the Oscillator, confirmed by an up turn in the Summation index and have a strong market rally from that point until probably sometime in January or so. You know -- "the Santa Claus rally.""
We bounced on the October 29th ("any minute"
) , dropped hard again into the 29th, and turned up Nov. 2nd to put in the first low above a low on the NYMO (three days into the cycle instead of five or so 
), and we have rallied ever since until today. We are now declining into the third week of what is so far the typical McClellan cycle referenced above.In other words, this decline is right on time.
Granted this is one-day's retrospect, but note the VIX yesterday on the chart below and the CCI and the "ledge" on the NYSI (as in "ledges are made to fall off of"). They all hinted at today's drop (to say nothing of the fact the SPX, as of yesterday, was up 8 days in a row -- it wasn't going to go up forever!).
This decline creates a whipsaw on the NYSI (giving a sell today unless the market rallies hard into the close), but as long as the bears don't drive the market below the late-October NYMO lows, this will be a buying opportunity, and probably a big one.
That's just my opinion. As comedian Dennis Miller used to say at the end of his rants: "that's just my opinion, I could be wrong." He certainly has been a lot in the last few years.
Good trading to everyone.
http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=6&dy=0&i=p09728258834&a=183294212&r=4204.png
That's what I get for putting on a trade against a rising NYSI, regardless of how good it looks on other indicators. That was flat out a mistake. 
If I'd wanted to take profits, I should only have gone to cash and waited for a pullback or further firming (like today). Oh, well...
Good trading to everyone. 
