As if to answer, the "Ascending Wedge" breakdown in the market the S+P 500 has now formed a countering "Descending Wedge ( See the Chart Illustration)
The Descending Wedge Pattern is now strongly in control of price, and keeps moving it down inside the trend lines of the wedge ( Again See Chart Illustration)
My own traders instincts if you will , tell me this will be a "wire to wire decline" this week thru Friday's close targeting S+P 3050-3000.
The massive pressure on the bulls will thus continue, and those trying to pick a bottom will either be stopped out, or worse.
But here's the catch.
The "Descending Wedge's ultimate resolution should be a sharp breakout to the upside ! Those who short this market at these levels should keep that in mind.
The market continues to reward short sellers hand over fist, if...you can handle the volatility with position. Trend following systems call further "lock down "price depreciation, so the TREND is quite bearish, until it isn't.
Trader's though should keep in the back of their minds though that at some point before S+P 3000, ......that a potential rip roaring short covering rally could come at any time.