Reflex or Nose Dive?

Monday's honking distribution day with the S&P 500 down nearly 60 points is just the beginning of more downside - or the end of it.

We're inclined to believe the market is in a longer-term bear market. But that doesn't mean we can't have a reflex rally here. Especially because were looking at a potential double-bottom chart, which is usually attempted - if anything - when the level comes into play.

This will be a very interesting week for sure. Stay tuned.