the bulls had, definitely, regained more momentums after Monday’s broad-based advance. However, we aren’t out of the woods yet. The bulls are going to have a difficult time around the 1112-1120 areas on the S&P 500 index.

the S&P undercut key support after last week’s massive sell off. The action is bearish and had raised the odds for a test of last October-November lows of 1030-1020. The market however, is pretty much oversold following recent decline so we’re not expecting much more downside without at least some short-term consolidation first.

在上周大跌之後，標普已經底切了關鍵支撐位。這一走勢是看跌的，增加了重新測試去年10-11月低點、1030-1020點區域的概率。不過經過近期下跌之後，市場已經嚴重超賣，因此我們預計在至少出現一定的短期整理行情之前，股市不會繼續大跌

the S&P had reached the most oversold level since summer 2009 and is threatening to break key support. A sustain drop below that level could trigger another massive sell off that has the potential pushing the index directly into the areas of last October-November lows – that’s about 5 percents below where we sit.

標普已經來到2009年夏天以來最超賣的位置，有可能跌破關鍵支撐。一旦支撐位被有效突破，將觸發新一輪大跌行情，有可能將指數推向去年10-11月低點區域，距離當前點位大約5%。