Correction

The market has pulled back over 20 points from the high a few days ago as this market trades down this morning on bad numbers from Europe. We were overbought and due for a short term pullback which is healthy for this market. We will see how far the pullback can go as we have a heavy news day today. The last two days this market has really taken a beating on the European opening and confirms that the Europeans have a greater influence on our market all the time. Support is down around the 1115-1120 area on the S&P futures. Keep in mind that the daily CCT is still short term overbought as the total stands at +234 for the short term so be careful as we could see more sell programs hit this market.