I am cancelling yesterday’s BOT Short Signal. There is a chance the market may still form a cup and handle pattern that it could break out of and then eventually move higher. There is also something that looks like a small head and shoulders on the SPY going all the way back to late May.
If we bust under 1311 then I will probably switch back to a BOT short signal, but for now this market is sort of dangling by a string in the current range and it may still have a chance to save itself.
Today or tomorrow would be most ideal for the bears to get the job down as far as downside price action is concerned. It seems like they really need to take the ball here and run with it to evolve the tape into something more negative.