Wednesday’s selling was more than just mom and pop worried about the fiscal cliff that they’ve been inundated with of late. In fact, if you look at this chart you can see that there has been relentless selling since the election was called Tuesday night and the cash market opened Wednesday. Perhaps THIS is the
Change In Sentiment Via Price
SHORT TERM Taking a look at a 30-minute chart of the SPX you can see that the overall trend is down. Several levels of one-time support have given way providing the next level of support to be tested. Assuming a short-term low is in (we are entering bullish seasonality) you can see the 50% retracement