Due to evening plans, I may not have time to peck out a full write-up, but not much has changed since yesterday. The S&P continues to carve out a descending triangle (see hourly chart) which is bearish in nature. If price can take out SPX 880 before rising above SPX 910, then the bearish case will grow substantially. The biggest development of May 27, in my opinion, is the bashing taken by Treasuries. The long bond has now plummetted over 6 points in only four days. It seems market forces are finally enforcing discipline on our government's reckless policies. Perhaps the next mini-crisis will be driven by a spike in government bond rates. In any case, rising rates places another large burden on stock prices.
Okay folks, if I return home early and sober enough, I'll hack out some charts and post of few more musings. In the meantime, make sure to watch this interview with Marc Faber.