The Risk to the Bears

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Well, I guess it shouldn't come as a suprise, but for the 8,835th time, a "breakdown" has lasted all of one trading session. The entirety of the drop from the S&P downgrade has been more than reversed, and Wednesday already looks like a good day for the bulls (judging from the ES and NQ right now).

If the SPX gets above 1340, there's very good reason to believe that 1430 is the next stop. Everything depends on that horizontal line.