It seems almost a certainty that this market won't rally until there is a retest of the lows at 2730 or at least some right shoulder on an inverted head and shoulders pattern.
the 2nd test of day high failed, so still range day, now see if bears can make double top here.
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With the spreads blowing out on junk debt and the almost crisis in emerging market debt you would think we will get an incident. The pro's have said that one decent size default will panic the herd. When that hits watch the S&P drop fast, given the bazillions of dollars in maturing debt that has to be rolled.
From John Mauldin's weekly letter "there is never one cockroach".
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