The market has recently peaked and is turning down. Major concerns in Europe seemed to be dismissed by the "talking heads" on television now used to the World Central bank interventions to "bailout the market" every time liquidity becomes an issue.
Using technical analysis to help, the recent bounce from the low at 1360 has now retraced 50% of the move down. The next move down will be equal to around 100 S&P points to the downside. With the technology group appearing to leading the downside, the recent IBM and Qualcomm earnings releases lead to more short-term concern. The next wave down should lead the market to 1290 area.
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