What can you say? The bulls were served up a great setup (detailed in my previous post) for a run back up to S&P 2000, they bought in, held one day, then quickly bailed. I really hope they are not waiting for a better setup because this was a gift and they didn't trust it.
Looking at the charts below, we can see that the S&P's must hold 1900 level didn't.
As for the Nasdaq, it closed right at its must hold level Wednesday. Barring a divine intervention by that mysterious S&P Futures buyer, the path of least resistance is downward and may continue to be for a long time with occasional short but furious short squeeze bounces thrown in.
Trade well my friends
Alan
