The S&P 500 sold off again from the 1170 High and traded down 37 points before price discovery found support at 1134. The late in the day rally was short covering back up to 1160. 1160 is now a key over/under level. The long opportunity was at today’s low. To the extent the S&P can hold support at the September 24th low 1106/1100 the US markets are likely to weather the EU Debt Crisis. Unless a major EU member like Greece, Italy or Spain default the US markets are likely to remain in their current trading range.
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