A Retest is inevitable

The S&P is stalled in the congestion area around 1510. Look for a retest of the recent lows @ 1495. Seems a sure bet that no serious buying can occur unless and until we have bounced from there. Lots of key economic data this week as well as the brokers reporting - this market seems poised to head lower and any excuse will do. Muted earnings outlooks by GS, LEH, BSC (i.e. a slowdown in M&A activity) could be such a catalyst. For now, we are short-term oversold on the index and still bouncing up. Expect some buying that could get us up to 1525 or thereabouts and then Whammo! - bears move in for the kill.