Expecting the market to be rangebound over the next several trading sessions, from 1285 to 1325. If we get panic, we could make a low down around 1260, but market doesn't want to go down there yet. I would be a seller around 1325 and be a buyer around 1285, but a reluctant buyer at 1285, worthy of a small position. As the selloff goes on, more traders are joining the short side so there will be more vicious short covering rallies in the next couple weeks.
from 1411 to 1287, S&P rebounding towards the 38.2% Fibonacci ratio at around 1335. After that upward momentum may weaken unless good news come out of Europe.
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