Wall Street feeds on a short term mentality, as it herds the crowd from one investment to the next. This is because it makes its steady income on transactions, as well as front running the short term moves and gaming the system in general.
Yesterday some of the Wall Street mouthpieces were urging the rally on because of a potential Republican victory in Massachusetts. Today the market sells off hard on that Republican victory. In the short term, its all a game.
Let's see if the support holds, or if we are finally getting that correction to the intermediate trends. I would like to finally be able to hold a short position for more than a day. 1110 on the SP futures is key support if the trendline at 1126 breaks.
Here is some perspective from the daily charts.
“Thus, it should be understood that when pro-US figures use the term, 'rules-based international order,' they are not referring to anything analogous to the rule of law. Quite the opposite, they are using Orwellian language to describe a system in which essentially no rules can be established and/or observed, given that the dominant state has the prerogative to violate and/or rewrite “rules” at its whim.” Aaron Good, American Exception