The S&P500 has nearly reproduced identically the sell-off of February 2018, with a first down leg at 2715, a rebound at 2825 and the second down leg at 2650 (the exact miror will be a low at 2620 !). 

Our US Sentiment indicators both gave rare buying signals at yesterday close. First our short term SC US sentiment index rose above 0.7, which marks regular bottoms (see chart below). Then, our Smart/dumb indicator has also given a bullish signal.

The problem is that , this time, the S&P500 is below the 200 days moving average and our regional matrix is neutral. Thus we will wait for a clear reversal to risk on. We started slowly this morning by closing some of our shorts (rio tinto and DLG GY) and made one long with Sika. Then, we closed totally our hedge on the EEM short and added ALGN US on the long side (stock down 30% pre-market —> execution done on vwap forst 40 minutes)