The bears had their best day of selling since the uptrend began on Sept. 1. Breadth was very poor at nearly five to one and volume picked up quite a bit on both exchanges. Downside momentum gained traction today and we just don’t have much underlying support and we could easily fall to 1130 on the S&P500 before buyers show up. The good news is that we are a technically oversold and the 50 day moving average may provide some support and give us a bounce into positive seasonality.
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