A Tale of Two Dips

Working our way through the final hour of this holiday week, note that the S&P 500 is back down to last Monday's lows before that Fed rally ensued. 

On the 30-minute chart of the SPY, ETF for the S&P, below, note how unlike a week ago we are now leaning down against these lows, potentially bear-flagging. In addition, the likes of HYG JNK are still struggling, with the FANG leadership gang all red as I write this. 

We have the biggest news flow of the week tomorrow, complete with big macroeconomic data and NKE earnings. But if bulls are going to defend these lows it is likely needing to happen right about now to avoid the pressure which looks to be building with the many uninspired bounces we have seen today.