The first 45 minutes of trading was a thin and volatile market. But even in a fast pace and thin market, the market still reversed at exactly S2, which also happens to be near the 8/31/11 high and a support level. The Globex low is the current resistance level. So far, the market is in a bearish mode as indicated by the S&P 500 Advance Decline data.
The market seems to be trading on European news. Here is an except from a Bloomberg report this morning:
"Stocks extended losses after the U.K. government said a meeting of EU finance ministers scheduled for tomorrow was canceled. They pared some of their decline as it was confirmed that summits of the 27 EU leaders and 17 euro-area heads of government will take place in Brussels as planned."
So the market tumbles on a canceled meeting, and rallies a little on the continuation of plans of a summit. I hope everyone realizes that no matter what the politicians do, the debt crisis will be with us for years and years. There's no quick fix or magic solution here.
Charles
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