Biding Time

Market is working off the oversold condition.  Rallies have been selling off intraday, which tells me that long term money is reluctant to buy at these levels.  It is fast hedge fund money trying to capture a bounce and sell before the next guy does.  They do not want to stay long for long. A game of musical chairs. 

The selling pressure has died down. We are inching up and gapping up almost everyday now.  But not much buying power or selling power.  After an effortless selloff from 1415 down to 1290, it is taking this much time and effort just to get to 1330, only to struggle to stay there.   Seems to me that line of least resistance is down.  Eventually the sellers will take control of this market and test the bulls in the next couple of weeks.  We likely get to 1260 on that panicky downwave.