I gave up on the idea that the market would trade much below R2, since it stayed above that level most of the day. However, just like we had a surprise buying spree late yesterday, we had a surprise selling spree late today. First R2 failed as support, then the morning's low failed as support. The market didn't quite close the gap, but came close.
The futures is still below its 50-day moving average, which is bearish.
I'm not sure who is trading on the European news, but since daily volume is below average on up trends, it isn't the large institutional traders. They're still selling on advancing markets.
Charles
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