The trend of the stock market is up.

The yield curve is inverted.

The valuation of the stock market is expensive.

Sentiment in the stock market is neutral.

The current state of the stock market is neutral. It doesn't matter whether you are in or out of the market.

Subtext: The prevailing trend is always the most important thing. While most indicators are pointing bearish, trend is bullish so this equates to a neutral reading to me. Trend is carrying a lot of weight here, though.