This is what I see on a 5-min frame.
The gap is an obvious test for the bulls.
Looking at larger frames, I think a move above 1078 is needed at this point to suggest a potential change in short term trend. That level may very well come down if market stays weak.
Bulls, if they are still alive, have a lot to prove to deserve the benefit of my doubt.
Intraday breadth is horrendous, and may have gotten the tape some state of being sold out -- let's see how it bounces.
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago