Very little doubt in my mind that equities will begin to outperform in the longer term... Data is starting to turn around and consumer confidence is gaining traction again... The short term direction, in my belief, is heavily dependent on the interpretation of the next fed meeting (Oct 30th) and PMI numbers (Nov. 1st)... I can see two possible scenarios where PMI expansion could lead to equities backtesting previous resistance and shooting higher... Or PMI contraction will cause us to break down under that green line and continue to correct for some time before more upside... Investing in an index fund seems like the safer bet to me as the overall trend should continue higher... a highly leveraged trade around this area seems too risky...