There was plenty of red on the screens today, and we closed very weak, but volume was light and we are still above key support levels at 1230 of the S&P 500. It is never a good sign when the selling momentum increases in the last few minutes of trading, but it was probably program driven to some degree.
Given how extended the market was after last week, this action only qualifies as a pullback rather than a reversal. But it is a bit worrisome that Europe is such an easy excuse for profit taking. There are already worries about the health of the Greece deal and the potential that Italy, Spain, Portugal and Ireland are not going to be easily dealt with.
