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.
"O Jerusalem, Jerusalem. You who murder the prophets, and abuse those whom God has sent as messengers to you. How often I have longed to gather your children together, as a hen gathers her young under her wings. But you would not let me. As you have willed it, so your house is now yours to command— but it is made desolate.”
Matthew 23:37-38