Bulls Losing Control Near Term

About the only thing positive we can say about the market at this time is that stocks are getting rather oversold and the QQQQ is at its 200-day average. Other than these two factors, the charts look to trade lower. Our bias is moving toward near term bullishness but we remain neutral in our assessment for the long term at this time. Though we believe indices are due for a bounce near term, the trades are still on the short side here. The short side is providing a plethora of set ups pretty much across the board. The market will have to bounce with conviction to reverse the poor technicals that have been developing recently. For now we believe it prudent to bet against a strong bounce as we believe that sellers have control for now and any bounce will be short lived.