Markets were relentless this week as they quashed every bounce attempt within hours, other than Thursday, which made some headway, only to get whacked on Friday to close the week. The FED week should play a decent role in sentiment this week and likely to relieve some pressure once it is over on Wednesday, but until then, Don’t expect much different from what we saw this week with back-and-forth type action as we move into next week. The major trend is down and favoring the sellers until buyers see more value and prices reach a level they are willing to get back involved. None of the charts above are showing any evidence buyers are there yet and instead, sellers continue to find reasons to sell more. Now that we are at hard retests that look like they are failing, there are few reasons to step in front of this for anything other than scalps on the long side. There are many short setups as markets sit on this ledge if you are nimble enough to do that, but shorting is harder at this point of the move. If buyers decide to show up soon take it slow and make sure your plan is prepared for loads of volatility. Most bounces will fail early, even in oversold environments; but every new leg higher starts with a bounce and then posts milestones to gauge or get involved along the way. We never know until we look back later, but there are tons of clues along the way if we pay attention and are open to seeing them.