Ugly candles are all over the place. Going through my public list I see the market’s personalty with today’s price action has probably changed. My last S&P 500 chart annotation states I have a neutral bias. I now think a neutral, slightly bearish bias is more appropriate. It remains to be seen if the pullbacks are going to get bought or if this will end up being the start of a correction. The problem with corrections is, they all start as small corrections and it’s only in hindsight you know if it was a buying opportunity or the start of a bigger correction. So far it looks like controlled selling but we could build something like a rounding top here. The next 2 weeks will be telling.

Tischendorf