The market has been in a "back and forth" pattern in this light volume August market. Many senior traders and managers are taking their last vacations for the summer.
The trading programs like to churn the market back and forth, taking down the undercapitalized speculators, probing for signs of weakness among the funds.
As we are on key support we'll see if they can bounce it tomorrow. If they cannot then things may get interesting quickly, probably next week. We'll assume that something big is boiling over behind the scenes and the calls are coming in from the watering holes in the Hamptons.
After the Great Fire of Rome in 64 AD, Nero took a large swath of the destroyed city for himself to build the Domus Aurea (the Golden House). Spanning nearly 100 acres across the Palatine, Esquiline, and Oppian Hills, the complex was famous for its revolving dining rooms, ceilings that showered guests with flower petals, and walls covered in gold leaf. To decorate the entrance he commissioned a massive 115 foot tall bronze figure of himself, modeled after the Colossus of Rhodes.