In last Friday’s video I pointed out the negative look to the weekly timeframe in the SPY and said that we needed to be aware of that bearish setup, but that as traders our actual decisions to buy and sell should be guided by the shorter term timeframes. Well, it looks like the longer term trend is exerting its influence and taking precedence over the attempted recovery in the shorter term. As I wrote on Wednesday, “the market loves to make a mockery of textbook examples” like we were seeing develop with the inverted head and shoulders pattern. It now looks like you can file that SPY pattern under “failed moves”, which would now indicate that we could see a continued fast move now that buyers have been trapped. It remains a tricky environment to trade in whether you consider yourself bullish or bearish, my best advice continues to be to go slow and be disciplined.