The sustained trend is not over for good, just for now. The monthly swing up from way back in Oct 2002 is still cooking.
I was expecting a couple of up days since the markets have been taking a beating recently. I think everyone was just looking for an excuse to run it up. But I also believe it will continue down now. Here is an ES dialy chart that shows 3 bearish signs. 1. Yesterdays candle went right outside the upper Bollinger band and snapped 2. Yesterdays candle almost bounced off the 60 day EMA, could not make it there. 3. Nice inverted hammer candle Any one of those would be bearish, but all three in one day. 4re