With the break of the trend line the market should now begin another 1-2-3 reversal attempt. I suspect this one will succeed. By that I mean the trend will most likely reverse and the market will start heading down into the weekly cycle low due in late July or early Aug.
I have been expecting this initial break to bottom at or close to 903 as that is the break even point for the year. Since we are very late in the daily cycle I would say there is a good chance the market bottomed this morning. I would expect some kind of weak rally the rest of the week and maybe even into next week before the market rolls over and starts the trip down into the major low.
After we put in the short term top I doubt there will be many opprotunities on the long side until we put in that major low in July or August.
It's just about time for the bears to shine again.