S&P 500 - June 29, 2010 - Intraday

I laid down a scenario on the daily chart for the bulls and said:

"If they can’t do as required, they are as good as dead meat to me."

And here we are again, testing 1040.

Everybody and their dog are watching this level as if it is the border between heaven and hell.

It's being tested too frequently, it will more than likely try to create a bounce. It's not enough that bears just dip below it, they need to stay below.

As for the bulls, they need to take 1070 as a meager first step.

Weekly chart is now below the lower blue channel line that has been holding the index


The week is not over and a lot may happen to rescue the chart, but the case against the bulls is so damningly strong at this point

Here's the daily where we said the lower red line had to be held above a blue dashed line for starters.



Today's breadth is absolutely horrendous and that may help the bulls hold 1040 again due to market being oversold. But they really need a lot more than Yo-Yoing back to 1040. They need to show us the Money!

Now, back to watching the World Cup!