7/9/2010 - Strong rally in downtrend - 20 EMA pierced

I remain bearish on the market despite the near 400 point rally that we've had over the past 2 trading sessions.  The 20 EMA was pierced on both SPX and DJI, but not on NASDAQ.  The downtrend remains intact, and all the major resistance points are consolidated around the 1,090 to 1,110 area, which will prove difficult to break and will present itself as a great short entry if we do end up getting there.  Do not go long until the 50 EMA is pierced on all 3 indexes.