For about the past two weeks now the market has been rallying pretty hard, and despite a major break on the charts and of the long-term trend pattern, many are starting to believe that we were only experiencing a mere correction and not the resumption of the bear market we saw for all of 2008. I’m still of the belief that this market is going to take a turn lower, and as a result I added three more positions to my portfolio (2 shorts and 1 UltraShort ETF). I’ll update the portfolio in the right-side column either tonight or tomorrow morning with all the trading parameters that I am trading on.

Here is My Technical Analysis on the S&P and Nasdaq.

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