So far the recent bounce, as frustrating as it might be to those short, shows that the market is rapidly losing momentum as evidenced by the SPY daily charts below.  Admittedly, this bounce has exceeded my expectations based on the intraday charts posted last week but we are still well shy of the mid-point of the channel and even the 61.8% fib retracement of the May 22nd – June 6th initial drop.  As this point, I continue to favor a move down the the 147ish area on the SPY but will reassess if prices exceed the aforementioned resistance levels.