At this point, I think short-term rallies will continue to get sold into because the market is likely to continue seeing a lot of negativity, but we also have to worry about the jobs number.
The S&P 500 has gone back and forth during the trading session on Tuesday to show signs of weakness yet again. In fact, the market has broken down below the 4000 level, which of course is a very negative turn of events. We are well below the 50 Day EMA, and now it looks as if we are ready to go much lower.