S & P 500 has broken the uptrend line drawn from Mar 2009 lows in late July/early August. First target of 1100 was hit and we saw a short term rally back up to 1220-1230.
Continued woes on US/European front has seen it come off. We could see a retest of 1100 first before 1000 which is a stronger support. At 1000, US Fed reserve may have to unveal QE3 to stem the fall.
We could get some insight from Obama's speech this Thursday (8th Sep 2011).
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