Frowny Faces

You can also see this pattern develop in the Dow Jones Composite Index, the one that was holding up the best of all of the American Indexes.

If the S&P500 is below 4100, and the DJ Composite is below 11,200, then what bullish arguments can you make?

And when you look at the biggest companies in the world, what do we see?

The way I've experienced it over the years is that former support turns into resistance.

So what that means to me is that any strength in these assets will likely be met with overhead supply.

There are a lot of dead bodies buried above current prices, and in my experience, those are sellers on any attempts to get back up.

It's only Thursday morning and the market can repair itself quickly. But that doesn't seem like the bet we want to make at this point.

We're in "show me" mode, and we'll let the market prove to us that it's worth putting new money to work.

Right now I just don't see the advantage. The levels in the S&P500 and Dow Composite are some good ones for sure. But it looks like we're most likely buying stocks at lower levels.

And we'll let the market prove to us that it's time.