·         The S&P 500 has had a horrible open to the Wednesday session, dropping down towards the 2800 level. This is an area that has been important more than once, so I think it’ll be interesting to see whether we find buyers in this area. The 2800 level will be crucial, and I do think that there is a lot of support there. If we get any stability whatsoever, it will be in this area. A bounce could be rather strong, but if we were to break down below the 2800 level on a daily close would be a very negative turn of events. That would more than likely unwind this market down to the 2750 handle.

Overall, I think that we are starting to enter very shaky at times, and at this point I think you could buy a short-term pop from the 2800 level, but I also believe that the 2825 level above will be very resistive, and I think that signs of exhaustion there could be yet another reason to start selling. Quite frankly, equities in the United States have “whistled past the graveyard” for a while now, so it’ll be interesting to see how long this lasts. We need to see some type of stabilization in the Turkish situation to push the market higher for the longer-term, but quite frankly things are looking very dangerous right now. Overall, I’d be very cautious about trading the S&P 500.