Finally a day for traders to have some fun.
The market opened with a small gap down, but nobody was expecting what was coming next.
At 10:30 am news that the SEC was charging Goldman Sacks with mortgage fraud came out and the market reacted with an initial 7 point drop, that caught most traders by surprise.
After the initial leg down, the market retraced 50% to the 5 EMA giving traders the opportunity to jump in short for a very nice day.
All together the market dropped 23 points, breaking support levels across the board, until finally finding support at 1186.80
After the closing bell the S&P finished the day at 1192.35
The next level of support to watch is the daily 20 moving average at 1182
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