On balance, however, the probabilities are leaning towards an end to the uptrend that began from the Feb. 9 lows. First, the two bounces from 270 support on SPY today were weak. Second, if we zero in on the 15 minute chart, the 50 period MA is angling down. Third, momentum is flagging on the higher 60 minute time frame. And, fourth, the S&P 500 seems to be getting stymied by the 50 day moving average on the .
If you were to put a gun to my head and force me to take a position, I'd be short right now. Otherwise, I will be watching the price action develop with the expectation that a short trade set up is the more likely scenario to emerge.