China worries!

The overnight session is down over 15 points on worries that China's economy is slowing. The decline for the moment stopped at the 1055 support area around 4:30 Am ET. Our next support is at the 1045-1050 levels and then down to the lows at 1030-1037. The last two trading days have seen numerous plus tick reading without the prices going higher, the bulls have expended a lot of energy and have not been able to gain ground. Things could get ugly if we get below the 1040 level on a closing basis. Remember that we are still short term oversold and a with the action we are seeing in this market we could see really good volatility in the days to come. Be very careful as swings in both directions can be severe. My daily CCT now stands at -185 which is again short term oversold.