The rally back from the February lows is not impressive. The "M" harmonic pattern (butterfly) resulted in a 50% retracement to a falling 233 interval trend-line. Because the S&P-500 failed at the 50% retracement, it is my opinion that the February lows will not hold..... This 50% retracement failure (at 2677) strongly predicts lower prices. The next area on the downside may be the mid-point of a weekly trading channel at 2400.
One last negative, the-S&P-500 failed to stay above a falling cloud on its rebound. Very negative indeed. This strongly suggest a market drop. Also, I follow-VXZ. This is a mid term future of the-VIX for the S&P-500. This is still rising. This works in the inverse of the-S&P-500. So, as I wrote March 6th, I thought then that the-S&P-500 would retest its February lows. I still believe this to be so. I also think it will fail at 2525 and drop to 2400. I feel that any up rallies will be counter-trend, and should be faded (sold into).