Bears are down but not out.
In the grand scheme of things, this could just be another exaggerated dead-cat bounce that could see this market drop at any given moment. The likely driver of whether that happens or not is headline risk – meaning the news – whether it be Russia, Iraq or another foreign bank collapsing, the news could hit at any given moment.
So be prepared, and even though the dojis from the two previous trading sessions are leading to a break higher, I still think that once SPX crosses into the 1950, the potential for a resumption of the downtrend is very real.
Here’s the bearish list of trade setups:
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