SPY Chart 5/31 Its Raining Bears and Bears

If you are a trader you have to love what is going in the market especially if you're a bear. Perma Bears (those who think that the market will plummet and drop of a cliff) are now heavily influencing the price action and today was a good example.  We started out in negative territory for most of the day and then about mid day the bears after feasting all morning got tired and went to sleep.  The bulls came out for a little bit and were starting to exert some force on the market, but by the end of the day all the bears were awake and roaring.   We didn't end near our lows of the day but the intraday trend suggests the bears will be back tomorrow.

The situation in Europe is much like it was yesterday, the week before, and the year before.  It is still going to exert pressure downward on the market, and with the US job market not looking as strong as it was in Feb and March, if we get disappointing numbers in conjunction with any drip of bad news from Europe the market has not problem selling off.  

The S&P 100 Market indicator has flashed a big warning signal that the market is ready to plunge (Why You Should Short the Market)  Non Farm Payrolls and Unemployment come out tomorrow and I am not sure they will impress. We most likely test $130 tomorrow. If you are not short get there.



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Disclaimer: This article is intended to be informative and should not be construed as personalized advice as it does not take into account your specific situation or objectives