Just a random observation here – – – the market has bounced very quickly, but there are two things in the favor of the bears: (a) a meaningful amount of overhead supply, enveloped below in green; (b) the fact that the market did violate the supporting trendline, suggesting not only weakness but a lower probability that the market will be able to attain the upper boundary of its current trading range. It's still too early to go hog-wild shorting, but a few select plays here and there make sense at these levels.
