The daily CCT continued its decline into minus territory yesterday as we had 29 instances of a minus 1000 tick or greater. After a strong overnight rally that bumped its head close to resistance at the 50 day MA the S&P had a full reversal day which included many instances of -1300 and a high of -1499 tick (tradestation). This high tick is rare and we will see if the market has used up its energy on the downside in the next few days. The daily CCT now stands at -189 which is oversold for the short term. However, yesterday the S&P did hold the 1100 support area and also closed above the 200 DMA which is now becoming an important line in the sand for the bulls. I will have more insights and recommendations in today's advisory. If you would like information on our advisory please contact our office and we will get you set up.