The turn of the month seasonality has been very strong for the past few years and we are fast approaching the month of February. If the bears are going to make their move now is the time as there are still a few days left before we hit the turn of the month. Seasonality is not the be all, end all but the bears don't need an additional obstacle at this point.
Strength in the periphery of Europe has helped markets in the past week and this morning we are seeing weakness. The bears have the ball and the key will be to break last week's lows sometime in the next few days. I continue to give the bears the benefit of the doubt for now.