As expected this morning, we did get a cursory bounce. Most of the morning was spent battling the 100 day exponential moving average at S&P 1307, with a quick visit over it. I thought the bulls would pull it off again (I have recency bias, courtesy of The Bernank!). But the visit was short lived, about an hour or so - and the bulls seemed to be out of bullets after that. Definitely not the action of Sep 10-Feb 11 We are looking to close near the lows - definitely a week for the bears outside of Tuesday's Greece is bailed out again rally - which looks very much like tape painting to close out the month in retrospect.
This is going to be the first 5 week losing streak since 2008 in the S&P 500, if you can believe it. The action up to this week had been slow motion selling. S&P 1295 seems to be a level a lot of people are looking at for next week in the blogosphere as it was the intraday low of mid April, and today's lows of 1298 is also going to be watched. We'll see if some M&A action can create a premarket push Monday morning as we have become accustomed to.
200 day moving average is down there at 1261, which would tie very closely with the lows of mid March (Japan). Whatever the case its a time to remain small and nimble - cash is not trash.