the market remains in a secondary downtrend but given that the S&P 500 index is merely 2 percents away from the bottom of its short-term trading range, we are not necessarily looking for a big decline in stocks but rather some sorts of choppy trading actions with bias to the downside over the next couple of days.

money flow indicator turned positive today. This is a long-term bullish development. The current oversold condition is another short-term plus for the bulls. So we should expect a retest of the 920-950 areas over the next couple of days

資金流向指標轉為正值，這是一個長期看漲信號。另外當前的超賣狀態短期內對多頭也是有利的。因此我們預計未來兩天標普將重新測試920-950的阻力區域。只有收盤跌破880點才能逆轉近期看漲的態勢。

the near-term technical picture is deteriorating as the major indices approaching key overhead resistances. So we should expect to some sorts of aggressive selling activities over the next couple of days. In a longer term however, the market could be in a process of printing an important recovery high that will help setting the stage for a healthy correction before an attempt assault on the 1000 level on the S&P 500 index.

隨著各大股指逼近關鍵上方阻力，近期技術面在惡化，因此我們預計未來兩天會出現一些強力拋盤。不過從更長期來看，股市可能正處在形成一個重要的復甦行情高點的過程中，這將為標普500指數嘗試上攻1000點之前的健康回調走勢作好鋪墊。