Gut check

Sorry folks, not every setup provides a clear indication. We are again at support. At this point its probably best to sit back and let the market speak. If we break support we could look to 2002 for our next support level.


Putting the chart aside, my gut is telling me this market still has some issues to resolve. It's inability to sustain a rally and move off of support is bothersome to the bull case. Although I reticent to short at these levels. In fact if we do break support my gut also tells me it will be shallow and fleeting. I am carrying a med-small long position based solely on the fact that we have fallen so far so quickly. The successful tests of support are looking less relevant as time goes on. The next few days are important.