I have to go with the BOT Short signal now in the sp500. The sp500 needs to get and stay above 1230 for me to say the bulls are ‘out of the woods’. We could still be in a minor correction under that range and then bust above it later, but for now I have to give the bears a little credit for taking control of the tape right now.
Stochastics are on a sell and the market is rolling over at previous resistance. Also notable several commodities including copper are showing some worrying signs of weakness. Not to mention the fact that the US Dollar seems to be catching a bid again.
The roller coaster market action continues..