The market action today has been incredibly choppy, and if you are a bull in this market looking to buy the dip, you can’t be liking the action you are seeing. 
Let’s face it, the bulls had everything going in their favor this morning:
- A Gap Up
- Rising Oil (over 5%)
- Nearly Oversold Market
Yet instead of bouncing today this market has simply spun its tires, with the Russell (the market leader of late) pushing into red territory.
My trusty indicator, the T2108, which measures the % of stocks trading above their 40-day moving average is also in the red, down 1.7% and below its recent consolidation level.
In fact, it may not be too longer before I decide to re-short IWM.
The market weakness of late is clearly of a different character than what we saw during the uptrend of February and March. This rally is starting to stall, we are in a historically weak period for the market (Sell in May, Go Away).
So when the market is stalling out here and not putting together a worth-while bounce, I have to assume that this market still has lower prices in its future.
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