I thought that the Bulls would be panicked by Friday's late plunge. Instead, they fought bravely back, pushing prices up for a time before they fell back to Friday's closing level. The graph of the S&P 500 kept within the bounds of trend line D that I drew on this morning's chart, and the downward slide continues as strongly as ever. There will undoubtedly be a flood of defections from the Bull army in the face of the continuing downswing.
