The trend is down

We experienced a pull back upwards today, with small caps showing the strongest performance of the major indices.

Interestingly, $SPX close right at yesterday's high, a bearish sign.

The bonds stayed steady.

Although we may experience further upside on Monday (could go as high as 1,565-1,575), the overall trend of this leg, until proven otherwise, is down.

A positive close next Monday may change our short term direction to up, while midterm direction remains down.