Given that the market has been under selling pressure for five consecutive sessions, Deron Wagner would not be surprised to see a relief rally on Wednesday.
The S&P 500 futures index has now closed below a key trend line. There is a strong likelihood, in Clive Corcoran's estimation, that 1280 now needs to be robustly tested.
The stock market indices had a nasty afternoon reversal and closed near the session lows going away in reversing rally gains that were completely wiped out in the last couple hours.
No wonder the economy is not growing. Four out of every ten dollars is zombie spending. It supports hamburgers consumed in 1998, gasoline burned in 2002, bankers' bonuses handed out in 2008, and food stamps distributed in 2011.
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