Another non-trending sideways day on Wednesday with a bearish tone. The expiration of the Bush tax cut that may not be renewed by Obama is triggering an exodus of capital outflow from the US, with bearish implication for the US market.
Whether or not the sell-off will gain traction only time will tell as it is fighting against the usually bullish Santa Clause rally period.
But for Thursday, key level is 2630.
-- Bearish below, implying more selling with the next support at 2620 then 2600.
-- More sideways consolidations above 2630, with resistance at 2700.
