The market looks shaky

After reviewing the S&P chart more closely again, it seems to me that the market looks quite shaky as of now. Clearly S&P has broken down from its uptrend starting from the March bottom. It has been indeed a fantastic move in the past 3 months with nearly a straight line up. But now, regardless how you slice it, the uptrend is broken to the downside with a negative momentum. Right now, S&P is right above its 50 and 200 DMA (two pinned together), which should be a strong support. So likely it will try to bounce back from that level around 2975ish. How high will it rebound? Likely towards 3100 to 3150 area if a strong bounce. But don't be fooled by even the seemingly strong bounce as its next leg down could be more powerful and severe. Watch its 50/200 DMA carefully! If they cannot be held and pierced through, it will become ugly very quickly!!

Of course, TA is more an art than a science and there is no certainty for sure. So I could be wrong but it will be wise to be at least cautious!!