Evening Thread

Another nasty day for the longs (like me) and it really doesn't look any better for tomorrow.  We have definitely broken out to the downside of that triangle and 1200 is not far below.  A bit of support should show in the 1205-1208 area (we hit 1209.43 today) but the bears have been powerful for the last two days.  If not for some last minute (and I do mean the very last minute on the 1 minute chart) it would look even worse.

Volume was a bit higher (SP-500) today than yesterday and the green candles over the last week are shorter than the red ones.  Looks like distribution to me ...

There was no market moving good news of (insert country here) being saved by the ECB and our super committee does not seem to be making much progress.  With things looking so dark and with some lousy earnings from CRM it looks bleak.  Maybe just bleak enough to catch folks leaning the wrong way ....

Afternoon Thread

The morning action was really not too bad.  Yes we are down a little but S1 level held for the SP-500 and volume was actually a bit ahead of yesterday (if I read Rev's bar chart correctly.)

Now that Europe is closed we are on our own.  Is that good or bad?  I think good but we shall see.

Morning Thread

Markets are again under pressure after disappointing bond auctions for Spain and France.  The US 10 year treasury note is challenging its all-time high in pre-market trading.  Asian stocks were slightly higher but India was down over 3%.  Gold and crude oil are down modestly but prices are likely to be volatile.

The SP-500 is at a critcal point (my opinion) as it is threatening to break downward from the symmetrical triangle it has formed.  Depending on your chart view and trend line choice you could argue that it fell out with yesterday's late day sell off.

For an excellent read of the overnight action see southern4's post on yesterday's evening thread.