The problem with technical analysis is that the market always looks better when its higher and worse when its lower. It looks like the market is going to close below a lot of technical levels today and that will give many something to go home and think about. There are a lot of fully invested bears out there who felt they needed to dance so long as the music was playing.
I originally thought that we would see one more turn of the month rally before a final top was put in. However, if the sovereign debt crisis comes to a head all bets are off as market participants are positioned for prosperity, not turmoil. Have a good night.