Of the two paths outlined yesterday, the market made clear which it was most interested in after the S&P 500 filled the opening gap up with little bounce afterward. It was a fairly steady downward move to 2618 SPX after that. Today, a minor new low would improve the structure down from the morning high yesterday. Don't look to short if they push over 2644 SPX this morning. Primary view is that we should be closing in on a low that can start a significant rally.

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