Stock Markets Update 5-31-11

I commence with my gratitude to The All-Knower

Markets cleared the downward trend-line and approached another strong resistance. Rather markets closed higher exactly to the resistance levels. NYSE closed at 50% retracement of last swing down and QQQ Nasdaq-100 ETF, retracement of 61.8% of last swing (Fibonacci) and SPY, the S&P ETF at 2/3 of the last swing down.

I am still of the opinion that markets are exhibiting a false break-out and rather bulls-trap. Markets are creating a possible Head & Shoulder Pattern. Current Markets Actions are the characteristics of the topping pattern, where participants are panicky (whether on an up day or down day), when the markets are trying to find the direction.
Therefore, I shall NOT change my bearish outlook, until the markets have cleared the current resistance levels. Which I think shall be harder to do so.!!
Nevertheless, I’ll posting my time cycle next turn date, later on today or latest by tomorrow.