For the 3rd day, the market opened near the highs and closed near the lows. December is turning into a lousy month dropping nearly 5%. Volume had been light but the sellers are relentless. The S&P is now at the 61.8% retracement level, a close under this opens up the door for $119.61 SPY, then the gap from Nov. 28 at $118.82 and the November low at $116.20. The early week weakness scenario is playing out with a potential buying opportunity mid week, but we have to be mindful that the constant rejection of the dip buyers may cause them to give up and create more down side pressure.
