Near Term Bottom? Looks Like It

We didn't get a turnaround Tuesday yesterday, but perhaps we got a bottom Tuesday, which is even better as it gives traders a chance to slide into position for another potential run back to the top of the trading range.

Yesterday's set up still stands. The market looks to us like it is ready to make another attempt at higher prices.

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Note that a time correction vs a price correction is the most bearish of the two possible scenarios. Ultimately we are probably looking at support at SPY $126 giving way for even lower prices this year. There is nothing bullish about the long term outlook of this market.