While the stock market struggles to gain traction (the S&P closed at a new low for the correction today) the Über-Indicator has actually moved higher each of the last four days. That could be an aberration, but the whole point of the indicator is for it to provide clues of shifting trends through divergences like we are now seeing.
I couldn't blame anyone for staying bearish right now, as long as no one blames me if they get caught short on the next surge higher. I see growing potential for another up-swing.
Mind you, I'm as bearish as anyone when it comes to the big picture, and I don't think this is a level to be buying stocks, or most other assets, from a value perspective. It is just at the moment I see breadth improving, volatility stabilizing, and downside momentum waning. And those three aspects of the market's structure are being reflected in the Ü-I chart at the top of this post. Yes, we have only seen a few days of this, but it's a start. If the indicators start to look dire again, I'll let you know as soon as I see it.