Market Update

The bounce today was stronger than I had expected but I am still leaning bearish since resistance is still holding and the TA has not turned yet. The market could be setting up a flat, which implies another leg down to 1850 at least or it could be setting up a bearish 5 wave count. If the market manages to go above 1874 then a challenge to the all time high will be likely and a new high invalidates all bearish set ups. I am holding on to my VXX position  but will be ready to exit if the IHS becomes obvious. There are plenty of excuses to sell at the moment but apparently some bulls remain unfazed.

Short Term Trend = Bearish Trend being challenged
Medium Term Trend = Bullish

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.