No new positions........

I am not taking any new positons today as the risk reward just isn't there. I would like to see a little bounce in the market before it heads lower and I believe we could get it as we close today or tomorrow. Right now we are bouncing off the lower part of the triangle that the market has seemed to have formed. I believe a breach of this trend line will be the catalyst to take us to the previous lows and even lower. If I can get some of my short term indicators to give me some shorting signals before that breach it would be the perfect entry point for what I believe could be the last leg lower, leading us to somewhere near 475-500 on the S&P 500. Let's see what the next few days bring, even if my indicators don't return to shorting status I will go short on a breach of the triangles lower trend line.