Stock Market - Update

The stock market was down again today but managed to cut its losses by the end of the day.  If you look at the above chart of the S&P500 (SPY), you will notice that we have a spiked low accompanied  by good volume. Sometimes when you see this type of candlestick formation (long tail) after an extended move, it's a sign that a bounce or consolidation is about to occur.

I  drew arrows on the above chart showing the last 2 times that we saw a spiked low with good volume and each time the market rallied.  I'd actually like to see the market bounce so that I can enter into a short position. Tomorrow we have the employment report so lets see how the market reacts.