The daily chart for the S&P 500 (left) shows that stocks have been on a distinct downtrend now for the past few weeks. It appears to have been triggered by the bad jobs report two weeks ago. It seems like every day, new revelations come to light that wear down stocks. Stock traders, with so much bad news arriving almost daily, are selling the rallies, including selling after yesterday's higher close (right chart), which was the first one this week.I am watching the Dow 1,990-2,000 level, and the S&P 1330-1340 level. These are key technical support levels. The futures this morning, having sold off somewhat overnight, appear poised to make another attempt to breach these levels and continue the downward slide. These are the dog days of summer for stocks, and it's only June!
