Bellow 1070

A late day sell off pushed SPX bellow a critical 1070 support level. This is bad news for bulls especially keeping in mind that tomorrow the housing data are going to hit the news and they are not going to be pretty. What bulls should hope is that the price is already baked into the price but chances are that the market will go down again. At the end of the week we'll have the revised GDP, again old news but with a revision on the downside we are going to see more selling pressure.

Details later tonight

babaro