Today's action is very negative obviously. We have already traded down 20 points from yesterday's close. Let's see if the market has found an intra-day bottom... At best, I could see a recovery back to the low 1190's on the ES. That would be a good sign and it would create some indecision as far as future direction. If we don't close back up above 1190, I will have to lean toward changing my bias to negative. The way it is looking, we aren't going to trade back up and so I am leaning toward admitting I was wrong in my assessments. We'll have to wait and see.
European sovereign debt issues are weighing on the market and driving up the dollar. Negative market action in China isn't helping matters either. Whether or not the market can rebound today is crucial for the overall health of the US markets. So far, no signs of any positive momentum or reversal. We are making new lows as I type this...
At Day's end, I will give an update to my market bias and what I am thinking...
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