Is Mr. Bear Taking Over Now?

Yesterday may be the turning point for bears. on the SPY chart(it's the ETF for S&P 500, my favorite counter for short term trading, click here to learn more)a nice retest on 20th May to its broken uptrendline( blueline) and turned down immediately. I can feel that fierce selling pressure, because my whole account from +ve four digits became 3 digits that fast, never go back again and went down further more. It was frustrating. phew... !

And today it opened gap down, out of its price channel, until now(00:53 hours) it still no any signs of strength to push back. -ve $1.4 @$89. Next important support is the $88, Mr. bears can open champagne if it drop below it.



And below is the weekly live chart of VIX, which is always inverses to SPY, is at the support level with a nice hammer now, if it does go up from here, market will come down.