the S&P had broke the short-term up-trend following Thursday’s massive sell off and a test of the bottom of its short-term trading range, about 1090, will most likely ensue. The market however, is now short-term oversold, so we are not expecting much more downside without at least a pause or a modest rebound.

經過週四暴跌，標普突破了短期上升趨勢線，接下來很有可能測試短期交易區間的底部，大約在1090點。不過市場短期內已經超賣，因此我們預計在出現更大跌幅之前至少會出現一定的休整或小幅反彈走勢。

given that stocks have risen for nine months without a 10% correction, Tuesday sell off had got some people nervous. However, unless the bears manage to take out support around the 1115 level on the S&P 500 index and the VIX surges above its 200-day moving average, this decline is merely a temporary setback or another blip in the multi-month rally.

考慮到大盤已經連續上漲了9個月而沒有出現幅度達到10%的回調，週二的拋盤讓部分投資者感到緊張。不過，除非空頭能夠成功拿下標普500指數的1115點，同時VIX大幅飆升並站上200日均線，這輪下跌只不過是這輪數月牛市行情的短暫回調。

equity market seems to be consolidating between the 1080 to 1100 levels on the S&P 500 index. While current trading environment is bullish for stocks from the perspective of diminishing volatility, to resume the uptrend the bulls must clear the psychologically important 1100 barrier. All bullish thoughts will be negated if there is a close below support at 1080.