Failed Intraday Reversals Another Good Sign for Bears

After we broke the $109.60 support, we passed the descending trend line from yesterday and showed signs of a reversal with all the hanging tails (See first circle in Figure 1). It was a good sign when we bounced back down after testing the $109.60 line several times. Then you can see we made another push to bounce back up (See second circle in Figure 1). It passes through the $109.60 mark but failed to even test the 200 day moving average and then descended down and broke through to new lows of the day. This is good for the moment. But we still need to close lower to confirm that the bears are regaining control of this market.

Figure 1. Spy 5 minute chart showing the bears gaining strength