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The S&P 500 Futures fell precipitously during the Wednesday session in order to test the 1400 region for support. With this in mind, it does look like this market once a continue falling. However, 1400 is a significant support level, and we will wait until we are far south of it on a daily close in order to start selling at this point.
Alternately, a supportive candle in this general vicinity would be welcomed as a good sign to start buying. However, with the earnings season going the way it is and the serious problems floating around the world, it is hard to see a situation where we will continue to rally in this market.