The bullish case on these charts is for stocks to find a footing around the obvious support levels and create a slanted "W" double bottom with a nice summer rally back to the top of the channel trend resistance.
The bearish scenario involves a break of this support and a continuing decline into the Fed's decision on QE3 at the end of June.
Bernanke's waffling did not help stocks today.
I am still running the long gold-short stocks trade, but adjusted my beta and took the short position up a notch to a bearish lean.
