Didn't Take Long

Stop playing with my heart
Finish what you start
When you make my love come down
--Madonna

The battle of SPX 1900 didn't take long. After an early sell-off reversed toward green mid-day, the bulls perhaps thought that they had carried the day.

However, the bears mounted a counter offensive in the afternoon. Selling returned and then accelated with markets closing on their lows once more. SPX 1900 gave way easily, again on escalating volume.

Previous support now becomes future resistance. Frankly, given the market's straight-up move since November 2012 (when the SPX traded at 1350), there are no compelling technical support levels between here and there. Best I can find is marginal support at 1750ish.

As Fleck noted tonight, given the technical damage, "the door to the downside is now wide open, as the pressure on the bulls begins to ratchet up."

position in SPX