S&P and DOW pulled back lower today without spreading any concern among bulls. On the other hand bears were happy to see the market turn downwards after an extensive rise from the double bottom of 1358.
It is too soon to tell if this decline is part of a correction or an new impulsive move that will give new highs. I believe the bullish scenario has more chances of survival. DOW looks stronger and its futures downward move display a corrective rather than an impulsive form. Both indices came close but did not test Fridays low.
If someone shorted the market when I mentioned in the premarket that a short term top is in (like me), I would usd Fridays high as a stop. If this move is corrective we probably ended wave A, wave B and C will follow (lower) towards 1380. If this is the start of bigger impulsive move downwards, then all is in place. Time will tell.
PS. Tomorrow is something like the US Labor Day for Greece and I will not make another post since I 'll be at the beach trying to take my first swim of this summer. I might post a small update later during the US session if things look interesting.
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