Coupled with an overbought market, historically the worst month for stocks (September), and an economy that is still mired in a recession, what you have is the recipe for a nasty pullback after one of the best 6 month rallies in market history. With that said, the bulls have by no means thrown in the towel, but they are surely against the ropes. Today was very interesting in that the market did not rally after a major sell-off the day prior. Why is that important? Because until today, any type of sell-off that we got from the market was followed by a “Buying Opportunity” for the bulls in which they bought the dip and then rallied higher. Today was the perfect opportunity to buy stocks at a lower value, and the bulls showed no desire whatsoever. So unless this is a nasty bear-trap, this market is likely to continue to move lower in the days ahead.
No sweat though, I’ll continue to provide short setups to take advantage of so stay tuned!
Here’s the S&P and NASDAQ charts…
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