The stock market appears to have made a temporary peak. In its advancing intermediate cycle price bounces very quickly from oversold conditions. Watch the 5 day RSI. If it hits oversold that is your signal to buy. The caveat is the FOMC meeting next week. The PPT may step in and prevent the half cycle low from forming.
The oil market also appears to have made a temporary peak. Oil tagged the second resistance zone this morning (I took profits on a large USO option position in the aggressive portfolio). This is a prime target for a corrective move down into a half cycle low for both stocks and oil. It will be a buying opportunity.