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<span style='font-size:12.0pt;
font-family:Arial'>So far the market is holding up, that is to say it is not
crashing. Right now the market stands at the edge of the cliff right at the
crossroads of a brief but possibly strong rally, and slipping into panic
selling crash mode.
<span style='font-size:12.0pt;
font-family:Arial'>
<span style='font-size:12.0pt;
font-family:Arial'>Tomorrow's key levels are 791.55 and 780.
<span style='font-size:12.0pt;
font-family:Arial'>
<span style='font-size:12.0pt;
font-family:Arial'>791.55 represents a 1.618 Fibonacci
extension of the move from the 5-17 high to the 6-14 low as measured from the
7-8 high. I have previously posted the Fibonacci relationships associated with
the 780 level.
<span style='font-size:12.0pt;
font-family:Arial'>
<span style='font-size:12.0pt;
font-family:Arial'>The market could find support at either one of these two
levels which could spark a brief two to five day rally. If this rally does take
place it will likely be only an interruption to the current powerful down trend.
If the 780 level fails to hold support tomorrow there could be full scale panic
selling.
<span style='font-size:12.0pt;
font-family:Arial'>
<span style='font-size:12.0pt;
font-family:Arial'>I do not think that will be the case. First off my timing
model is calling for a short term bottom to be made tomorrow +or - 4
trading days. Secondly the 780 level appears to be a very strong support level,
and finally it looks like we are completing a short term corrective pattern on
the hourly chart that often precedes reversals.
<span style='font-size:12.0pt;
font-family:Arial'>
<span style='font-size:12.0pt;
font-family:Arial'>E
<span style='font-size:12.0pt;
font-family:Arial'>
<span style='font-size:
12.0pt'>
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