Ok back to BOT Short at 1302. The sp500 cannot hold 1313 and the tape is once again weak. The bears have the tape for now. I have to revert back to a previous post that referenced the monthly trend which does indeed look quite bearish.
This small head and shoulders bottom was a non event apparently. The monthly and weekly tape are winning out.
It is starting to look like we are about to enter a phase were very sharp rallies are simply bear market rallies and attributed to ‘band aid’ type solutions to various worldwide debt implosion issues.