I'll keep this short as I am on vacation, but have kept an eye on this market. I would stay out of this markets way on the long side. The market has been struggling to make progress since the follow through day and looks poised to continue the bear trend. It seems that any bear market rally is a ways off. We need more downside work to do in both price and volume. The other missing piece are the setups to the long side. Typically you would see more and more instead all you see are failed breakouts and base breakdowns. I would definitely be looking to short this market. My preference is to see a bit more weakness to the upside, but nothing wrong with initiating small positions. If you're not a shorter, go on vacation, you'll have nothing to do.
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