S&P

Just to be objective, we have to admit S&P weekly looks rather bullish than bearish after somewhat     decisive bounce off of its 105 support. I say "somewhat" cause the move was on a light volume.

That been said, our weekly model remains on "sell" signal, and I am going to stay in cash.

It is not to say the bounce is not "tradable". If market remains bullish for a while we may see SPY as high as 115, but it needs to break above 111 first. It is worth mentioning that potentially it may form the right shoulder of the H&S pattern. I'll talk more on that if things develop in this direction. Below is a daily chart.