Nice little bounce for the SPX off its 200-day moving average. We expect more selling, and an eventual undercut of that market, in the coming sessions.

The market does most of the talking here. Our reasoning means little.

As smart traders we take our direction from the price and volume. The market does its thing, we do ours. Stocks are kinda like waves in the ocean setting their rhythms for surfers.

FYI, we’re still Bearish.

Later,

Dan