[/caption] We are in a Bearish channel with a supporting trend line coming in at 1172.25 that should add some temporary support, as mentioned on the call yesterday we are looking for a extreeme low of 1168.25. We are getting close. If the Buyers can not bring this to a close above 1189 during this next few days we could see this sell off continue into the holidays with consolidation in the 1133-45 area. Quantitative easing 2 or round 4 might have a backstop for the equities market. If the "invisible hand" of the Fed steps in again it will probably be on the approach of psychological support in the 1100 region. Presently, the problems in Ireland have contributed support to the USD but contributing to market weakness in equities. This is the normal inverse relationship that the market runs in, but expecting to see another decoupling as money starts to pour into the Bonds market from the Fed's purchases. When this occurs would be looking for the dollar to weaken again and if the equities do not rally, this is where we could see the sell off and loss of faith that will bring the market towards the 1000 psychological support in the S&P500 emini futures contract. Keep your heads up around the news and entering into the weekends. S&P 500 day trading course
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