Figure 1 is a daily chart of the S&P500. The indicator in the lower panel measures the ratio of the amount of assets in the Rydex bullish and leveraged funds relative to those funds that are bearish and leveraged.
Figure 1. S&P500/ daily/ Rydex Bullish and Leveraged v. Bearish and Leveraged
The current value of the indicator stands at 0.93 suggesting that the Rydex market timers are now bearish, and this is a bullish signal. See yesterday's strategy piece on how this signal is combined with the 200 day moving average.