JW,I think 9650 might be where we bounce off, but question is...

JW,

I think 9650 might be where we bounce off, but question is whether we will go to that level tonight (futures are crazy up/down and every where) or we'll have relief rally first. would be good to get an Elliot Wave angle to it too.

Levking,

You hit the nail on the head. I often joke at the explanations provided by the media for movements in the financial markets. The same explanation can be used to explain why:
a) The market went up; or
b) The market went down.

What they really need to be saying is GS et al, decided to take us up so we are up, or GS et al told us to go down, so we are down. Remember it is alleged that the fat finger crash on 6/5/2010 was caused by some obscure hedge fund selling e-mini contracts:

http://www.fiercefinance.com/story/mystery-e-mini-seller-mutual-fund/2010-05-20