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.
"Where such a shift in power is in favor of the governing elite, Power will achieve its murderous potential. It simply waits for an excuse, an event of some sort, an assassination, a massacre in a neighboring country, an attempted coup, a famine, or a natural disaster, to justify the beginning of murder en masse. Most state sponsored murder occurs under the cover of war, revolution, or guerrilla war, or in their aftermath."
R. J. Rummel