Yesterday's Fed induced rally looks like it wasn't enough to prevent the oscillator declining and will most probably create a sell signal today – unless we get a rally of +10 points or so. Unlikely at the moment due to the negative futures (-6), but not out of the question.
An oscillator sell signal isn't necessarily a short signal but does imply that any rallies will not have legs and that it is relatively safe to sell credit spreads above the recent highs.
A move below 1954 sets up a short signal.
