resistance resists

Price made a go of it, gaping above resistance but was aggressively faded.  With the SPY (below) there still remains the opportunity of putting in a higher low with some likely support around $130 initially.

And, for all intents and purposes, putting in a higher low is much more constructive in terms of price discovery.  The Moving Averages say bearish, so rips are getting faded until the tide changes.  Speaking of which, here's a look at the SPY with just the 20- & 50-day Moving Averages (the "tide").  While bulls can consider a lower high from here on out to be constructive, the bears can consider higher price discovery to be desirable.  If price moves higher, say to the 50-day MA, that would give the Moving Averages a chance to form a similar wave pattern as the ones highlighted below.  Either way it will take some time, maybe things will be clearer by month end.

The U.S.Dollar index had a strong day, still waiting on a follow-through day though

Treasuries a similar story as the dollar above

While Crude Oil remains to be getting crushed (here represented by USO).  Approaching lows not seen since last October (of which, last October they weren't seen since '09).  At least with these pesky speculators getting crushed (even though there are two sides to every trade) gas prices will be plummeting any day now, right? hmmm

This USO has to be due for a dead-cat bounce soon I would think, no?