The first leg down of the decline to test the lows looks to have been put into place.
From here I would expect a rally to the 1480 area on the S&P 500. It may not happen right away, but if the market does rally to this level and then rolls over it will be an indication that the final leg of the re-test is getting under way.
I realize that there are quite a few resistance levels on the chart below, but don't let that confuse you. The main area that deserves attention is the 1480 area.
Wednesday, September 5, 2007
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