However, there are other indicators that point to continued selling later this year. The selloff in 2011 still held the 150 day moving average on the weekly chart. In this sell off, we see the market has broken the 150 day average, and remains to be below it, as it did in 2008. Another concerning indicator is the . Take notice on how the immediately turned up and broke its' downward in 2011 to resume the bull run, where as now the has begun to roll over much like in 2008.
To further strengthen the case of a continued bear run, look at how the price over extended itself by breaking out of its' in late 2013. From 2013 to 2015 this resistance had become support before breaking late last year. This is similar to how the market reacted towards the end of the bull run in 2006. In 2006 price overextended itself and resistance became support for the next year and a half before breaking in 2008.
Finally, I would like to point out how over the previous 6 months, Utilities have been outperforming all other sectors down only 1.38%. This is a sign of investors putting their money into defensive positions. Over the same 6 months Technology, financials, healthcare, and transport sectors are down over 10% with energy down a resounding 25%.
In conclusion, despite bouncing off its' long term support line, I believe the market will show a loss at the end of 2016.