Market Charts
The market is sitting at around the 1280 support I mentioned in earlier posts.
The SH (ETF for shorting the SP500) is also indicating a resistance point, which can support a market bounce from current levels.
Another indicator, which makes me think the market could see a bounce here, is the Transportation index. The IYT is sitting on support and oversold.
Make no mistake, even though we are due for a reasonable technical bounce as per the charts, IMO only a decline in Oil will allow a market rise to be relatively sustainable. (And it will happen, soon, but its a matter of when… I think it will be, at the latest, toward the end of summer. But the charts do not indicate it yet.)
