Tomorrows SPIf no news the beat down may continue. All the sheep have left and I'd say they are happy enough to return. Funny thing, the news is coming so there should be a quick return to buying. Technically, there is room to go down more tomorrow and time enough for accumulation to weeks end. Then the sell on news should hit. This does mean the sp will have to rise faster because less time is availible. This could lead to momentum feeding. Those who sell fast near the top will be rewarded with a sharper drop. So..., the traders don't have the followers to amplify the sell off tomorrow. They've already left today. They didn't gain much at all today so will they try again tomorrow or will there be a yank Wed before buying resumes.
The MACD suggests a pivot point and I'd have to agree. It really comes down to blinkmanship. Will the traders have the gut to make 1 more try on the sp? My instinct says yes. I didn't get my price point so I sat out. Tomorrow I should get my wish. Everyone who trades should be lined up at the bell. Don't bother with the pre sales jockeying. Just wait for the bell and respond as the situation dictates.