Markets are on a swift retreat - not responding positively to Bernake's comments; the next two hours will be crucial for bulls to step up to the plate and defend their most recent push.
S&P "Bull Trap"?
I thought there was sufficient evidence to argue against a "bull trap" in the S&P, but it would appear the market wasn't interested in such thoughts and sellers were quick to reverse the initial push above 4,200. Adding to the pain were new 'sell' triggers in MACD and On-Balance-Volume, although the former occurred above the 'bullish' zero line, making it a weak signal. Selling volume ranked as distribution as selling momentum picked up speed. The index is also underperforming relative to the Russell 2000.
