With several major European banks on the verge of total collapse the sell-off should intensify. However, it is very likely that the Plunge Protection Team will intervene to avert black Friday. Whether they are going to be successful or not is difficult to forecast, only time will tell. Should they fail the sell-off should continue Friday and to continue into next week.
Key support on the S&P 500 cash is 1120. Should that support go it can cause a liquidation sell-off across the board. For NQ, key support is 2040.
