The stock market may well have started the anticipated countertrend rally in a large process of consolidation/correction of the last two months upmove. We observed some hedging activity in the option market, meaning traders have become more cautious. The list of new 52 weeks highs/lows deteriorated but the cumulative advance/decline line on the NYSE held firm. In summary, our indicators improved somehow compared to the situation we depicted two weeks ago but there is still room for improvement before our risk index model becomes really attractive.