Yesterday the S&P500 closed the day on its recent lows and at exactly the same level it closed trading on 3 October 2008. After almost two months of ranging this selling suggests the downtrend off the 2011 high is resuming and this assumption would be confirmed if the DJIA breaks below 10,595. Ominously as the outlook for risk continues to deteriorate, demand for the USD and JPY appears to be picking up, just as it did in 2008.
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BARCLAYS CAPITAL
TECHNICAL RESEARCH