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SPX still volatile and weak. Will the selling end or continue?

The SPX futures were able to recover before market opening so the markets opened slightly up this morning. Yet, it quickly dropped down to 1980 level where bulls took over and move the market back up to 2010 level. Very impressive run which could fool many bulls into thinking that selling is over.

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Unfortunately, it is not. Markets reversed and sold off back down to 1990 level confirming its indecisiveness on the direction. From a longer time frame this can be a good sign of a consolidation. From a short time frame we are still range bound. Will the selling continue or are we done?

Time will show. As of now, for this week, I am still bearish on the market. Long term (1 year) I am still bullish.

SPX

Expect more selling to come.

Cheers!





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