The rationale in the last paragraph lost me but it doesn't really matter, its late and I have concluded now that there is no such thing as a reliable support in the US indices at this time.
Obama spoke, and the Dow dropped another 100 points and the SPX 15. SP500 has just ignored 1/3 retracement of the bull along with numerous other significant horizontal supports. This reminds me of flash crash, but more controlled, slower.
I think it is fair to now refer to this move as a "Crash". "Correction" no longer seems accurate.
Not even a counter trend on the daily to get well set...grrrr!
The rationale in the last paragraph lost me but it doesn't...
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