Where are the Bulls?

[Bill Bancroft <bbancroft@xxxxxxxxx>]

RTs,

I said yesterday that:

"For me, I don't call a top until three things happen:
1. The market breaks a bullish trendline.
2. The market fails to make new highs (lower highs).
3. The market breaks through support (lower lows)."

I now am convinced that the S&P 500 has put in a lower high.  The only
thing that needs to happen is for the market to close below 1208 for two
days in a row (just for confirmation).  IF that happens, prices should
not return above 1208 anytime soon or the trend reversal would be
questionable.  Remember 12/14/98, everyone thought we had a break of
support only to see prices come roaring back.

Although I enjoy the feedback from this forum regarding the current
market action, I ask myself, "Where are the Bulls?"  Not one bullish
person responded.  Maybe that is bullish in and of itself.  I like to
have my observations challenged, it helps to keep an open mind.  What is
the bullish case here, technically speaking?

Bill Bancroft