Hold Your Breath! Market at Break Point.

 Dramatic Market Moment!

 SPY 1 Year Weekly - 6 .7.11 - Price Action is in the 6th. Week of Downward Movement.  Bias is Down.  Moving Average Crossover is Pending if the Move Continues.

 SPY 20 Day, 2 Hour - 6.7.11 - Bias is Down.  Price Action continues below the 10 Day Moving Average. 

SPY 5 Day, Hourly - 6.7.11 - Weak close following Bernanke's Remarks.  Bear Potato Prevails.

Could be Too Much of a Good Thing for us Bears?

 A Little Caution Here Might be Appropriate

 SPY 2 Year Weekly - 6.6.11 - Five Weeks of Progressively Lower Closes on the Weekly.  There was a Bearish Engulfing Pattern last week.

SPY 10 Day, Hourly - 6.6.11 - Several Days of Down Might Call for a Bounce.  There could be some Short Covering which would add to an Upswing.  It Could be Short Lived.  Note how the On Balance Volume has Confirmed the Market Move.