The Longs are taking profits as the market test the bottom of a large resistance area created between 01/15/09 and 02/16/09.
The market sold a little faster than I anticipated. In the first half-hour, selling was the only thing on trader's mind.
We got a technical bounce off of the overnight low with a 50% correction. After the correction, the market formed a small Head and Shoulders pattern. We are now below the overnight low, and at the 50% correction of yesterday's up wave (781).
Charles
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