Skirmishes and Small Rebellions

Today's price action represented a few skirmishes or sorts (note the VIX ETFs finally catching a reprieve of sorts), though bears need to more aggressively seize back control of many parts of the market in the way of follow-through in the coming sessions in order to make this an all-out war.

The semiconductors, for example, are finding some initial, fairly expected, overhead supply at the SMH ETF $55 level and the highlighted resistance trend-line dating back to last Memorial Day. In and of itself, the initial pullback off resistance does not offer much in the way of conclusive evidence of the market rollover--Bulls will argue this is healthy backing and filling, for example. 

And, so, into the long weekend and the end of the quarter we await more information from a market which has done a good deal of zigging and zagging in 2016 with not much net progress to note. 

To be sure, there are still not shortage of short ideas if the market can roll back over. But, as we know, bears holding the market down has been a much taller task than simply bringing it there.