Today's Trading Plan: Bears Try For Four Days

Technical Outlook:

Day 3 of the sell-off was equally impressive, faking out the bulls early on only to drop hard in afternoon trading.
20-day moving average was breached.
Volume on SPY was well above average, very impressive, and increased for a fourth straight day.
Most impressive though was the VIX chart that rose another 23% and is now trading above 20 at 20.97.
Above 20 is considered the place where the market contracts at. This blows through the resistance that was at the 16/17 area.
This is the highest closing for the VIX since February 23rd of this year.
I think we are in a distribution phase here. I am looking to short the bounce at this point. VIX is insanely high, and the market overall is showing a change in its character.
Dip buying has been lacking for the second straight day. No attempts taking place whatsoever.
T2108 (% of stocks trading above their 40-day moving average is dropping fast and down to 53%
Above 2100 a lot of rallies go on to die. That is again what we are seeing here. Weakness suddenly creeping in and the bulls fleeing.
Choppy support on the 30 minute chart of SPX yesterday failed to hold at 2086
The rising trend-line off of the February lows was broken yesterday on SPX.
As a possible brexit approaches, expect the volatility to increase as well.
I believe, at this point, profits have to be taken aggressively, and avoid the tendency to let the profits run - the market is in a very choppy range that has mired stock price for the past two years. Unless it breaks out of it and onto new all-time highs, then taking profits aggressively is absolutely important.