The chart above is about as bearish as it gets. An entire move wiped out during the course of a trading day. The indexes also closed at or near their lows. The S&P closed just below its 200 day moving average.
Sorry, but I have to watch the action and it doesn’t look positive.
It’s bullish when the market buys dips, its also very bearish when the market sells rallies. That’s what happened today.
Maybe the market rolled over because of the Greek vote this weekend (some say its tomorrow) or maybe China worries persist. Indecision is tough.
On Tuesday the Dow Jones put in the most bullish reversal in four years. I don’t know where today ranks, but it was ugly.
Anyway, lets chill and watch for now. Many moving parts. See you tomorrow.