Equity Market Comment 09/06/2007

The S&P 500 rallied to the 1480 level and retreated, so it appears that the ultra short term counter rally is complete.

From here the market should complete the retest with downside targets of:
1451
1432
1412
The most logical being 1432 and 1412.
Look back to Tuesdays post for the potential bottoming dates.