Very interesting day today as the stock market in Spain rallied and then sold off hard.  The U.S. market did the same thing today.  I was looking at the double top eached today and wondering if the market is going to rally further to 1360 or go to the 1213 area first.  While the weight of the short-term technical indicators where oversold before the explosive rally last Thursday, the market has now retraced .382 of the entire recent move down. Now to determine if .50 or a .618 retracement is still possible.  We need to wait on further market action this week and watch carefully.  A wave 2 usually retraces more than .382.  If this is it, the market is signaling further weakness.