Bears are showing signs of life

If you thought the bears were dead, you're dead wrong.

The bears aren't in complete control, but they are fighting. The bears will regain control of this market if the 60-min. SPY breaks below the the 50MA. From there we should go to $112.

The bulls have better hold their SPY Inverse H&S neckline ($113.25), it would be a strong reversal in the market if the pattern was negated like the H&S last year.

Inverse H&S:


Failed H&S of 2009:


As you can see in 2009, we had a break below the neckline but it reversed once the bulls recaptured it.