Turnaround Tuesday, Again?

Monday was mildly negative, which considering the meltdown occurring in another bank stock (WB) can probably be seen as somewhat of a positive.

Today is Tuesday and what we have had a lot of lately are turnaround Tuesdays.

Moreover, take a look at the technical set up in the SPY.



If the market is going to surprise aggressive short sellers, turnaround Tuesday seems as good of day as any to do so.

Outlook:

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.