The Market conditions are still deteriorating, today the S&P 500 gapped down breaking below the support line at 4,655. Around midday, there was a recovery but it wasn't strong enough as to be able to close above the support line which is just turning into a resistance. The action is very clear in the 39-min chart below.
On the weekly chart the trend doesn't seem to be very affected, at least not yet, the weekly uptrend is still in place but the resistance is proving to be strong. Seven weeks and the S&P can't get past 4,721. (click on the images in order to zoom in)
The Monthly New Highs and Lows are also confirming the power that the Bears currently have (columns G and H).
I'm not shorting anything yet, I want to see the trend line broken before taking that risk. In addition, there is always the possibility that there is a relief rally and I don't want to get trapped in it without further confirmation that the weekly uptrend is getting to its end. I did went through the seven long positions I currently keep open, all of them have their stops in place, ready to trigger if things keep worsening.