Not a lot to say. The market is still playing off last week's negativity. With the obvious technical destruction, the obvious resistance seems to be playing out.
Today its the 14SMA, with a negative confirming DMI. How low will it go is anyone's guess. Judging by the oversold condition on a lot of individual names, the decline should be limited. (Maybe a re-testing of the 1260 level?)
Before Japan I was expecting a sideways market due to Libya's uncertainty, but the amount of confusion and negativity from last week needs to get washed out. The market is in the wash out phase.
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