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 ....
