R.C. Market Report 11.6

• Market Trend: Neutral

• So much for expecting a pause day. The market sled down all day long without any resistance. I expected the market to head down but not at this pace. The bearishness is stronger than expected and it seems more likely that we'll have to retest the bottom of the trading range (SPX 850) once again. The base forming on daily chart is looking to take much longer in time than I had anticipated. Heading into tomorrow, I don't expect things to much different. Hold the shorts and again observe how low we go. Employment number should be horrific and there could be more selling into the weekend. This is turning out to be a great lesson on bottom formation as we look to spend more time doing so.