SPY was rejected from $390 again but this time around there was very high volume selling. The Bulls needed to clear and close over $390 and the Bears needed to break $378, obviously the bears won that battle and at this point since we did break and close below $378. There is a strong possibility we start the next leg lower as we also closed below the support trend line. Look for support at $372
and after that a retest of $358. There will definitely be bear market rallies but as long as we stay below $390 you can continue to short, I will update in the morning before the open.
G. Allan Collins
Is The Bear Back?