The bulls needed to hold technical support of around 1207 on the S&P 500 and they failed. The failure of the U.S. congressional super committee and the constant headlines about issues in Europe just were too much for this market. We are back under the 50-day simple moving average of the S&P 500. However, we are a bit oversold now and have positive seasonality, lets see what the bulls can do into Thanksgiving.
