Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
There is very obvious support at 1284-1285 which is the 200 day moving average on the S&P 500 chart. One wonders if it’s far too obvious.
We can expect the rumor mill to be extremely heavy go forward. Already Wednesday we had the European Banking Union “envisaged”, and yesterday the IMF “rescue/backstop” of Spain. We are now used to Sunday evening global interventions per the history of 2008 and 2009 so these are the questions facing both bulls and bears going into each weekend. Do you want to wake up to the global bazooka. 
As for economic data, ISM Manufacturing was weaker than expected but not horrid.
U.S. Treasuries are now parabolic and when it snaps back it’s going to be an interesting dynamic. Interestingly, the U.S. dollar is actually down as I type.
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