We hit roughly the 50% retrace area of yesterday’s decline early, went back down to test yesterday’s low and finished higer. The bulls are barely avoiding a lower low weekly close at this moment. Apple broke its 50 day simple moving average and pressured technology all day on concerns that iPad sales are slowing. After yesterday’s 50pt drop in the S&P, a bit of bounce was expected; however, the bulls need to shape up soon to avoid a test to the 1200-1160 zone. There is talk that there will be some sort of deal in Italy over the weekend, and the market will be anticipating that tomorrow.
