This is usually the type of action we see just before a rollover in prices.
The dip buyers are no where to be seen except the ones that are covering shorts.
The May/June Support levels have all been broken.
The commodity trade looks to be over.
tradersutra.blogspot.com/2009/07/no-stand-for-spxcorrection-coming.html
I mentioned that the SPX needed to take a stand at 880, which it didn't, but that any break below 870 would trigger more program selling. I thought that at least 870 would hold for a rally.
That is where the market took its stand from yesterday.
Nice Call JayTrader on the SPX 870 move. This looks like it caught program buying at these points. Also 880 is resistance, looks to hold .
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