More Pain Ahead for the Market?

Michael Kahn, CMT, Barron's resident Technical Analyst certainly thinks so:

Stocks moved higher Monday as rate fears subsided a bit – ironically, on the view that the Fed will not raise rates in September due to Friday’s selloff itself. However, with history as a guide, the explosion out from the tight summer range points to more pain ahead.

I happen to agree. If we don't take out Monday's highs (and today's selloff does not augur well in that regard), the trend is down.