Wed, March 2

After failing a daily bearish setup on Monday the market turned around and failed a daily bullish setup on Tuesday. It looks like the bears could have another opportunity to sell the market. Its important to note, however, that the larger daily setup at 1302.5 has yet to fail which means the level could continue to support the market. Without a decisive failure of that setup it would be hard for anyone to step in front of this market and sell it short. Also, until the long fails, there is still an upside target of 1362. Nonetheless, it will still be interesting to see if there are sellers at the 1316.5 level.