Advantage: Bears

It had to happen sooner or later and today was the day. For only the second time this year, the S&P 500 dropped more than 1%. The last time that happened, on Feb. 4, the market gapped up the next morning and then continued the slow and steady uptrend. Is it different this time? Are we finally seeing the long-awaited topping process? Are the bears finally going to see the downside they have been warning about since the gap up to start the year?

As I've said many times, let the price action be our guide -- and the price action today certainly warrants caution. What was particularly problematic was that the selling actually accelerated into the close, which is something that we have not seen in a long while. If some downside follows through, it will definitely be a major change in market character....141 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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