The 1340 level on the S&P, a possible move higher for the dollar relative to foreign currencies, and a key oversold indicator all should be on your radar.
The only saving grace we have is that we cut losses quickly, so we live to trade and invest another day.
The most bullish market factor is still the upward trend in earnings estimates for the S&P 500 in 2012.
The 1340 area is the first of two important support areas, as bullish activity in the stock market wanes.