Bulls Look Very Tired

The bear flag development mentioned yesterday has been playing out with a great deal of stocks. This indicates the underlying trend is down and ready to make another leg down despite the end of the month buying window we are now in. Window dressing may or may not hold off the inevitable, but considering the weak behavior on the long side, including broken trends, bear flags that are developing in numerous sectors, and poor volume on up days, the path of least resistance points down.