Stocks lost most of their gains late in the trading day. It does seem bearish that bulls were unable to hold most of their gains. The attention now turns to the U.S. debt.. Then there’s still more troubles to come from Europe.
Technically, the market has been in good shape to find support, but the news flow is sapping the bulls of confidence and the bears are doing well shorting the strength as a result. We still need to find a good support level and build a base before we can have a higher level of confidence in new buys.