Futures Slump

The decline in the pre-market futures this morning looks pretty severe, but as long as the SP500 holds above the 200dema at 1097 the uptrend will remain intact. The critical level is the July 30 low at 1088. These levels allow for declines of 24 and 33 points, respectively. The rally would still count best with one more new high. It need not be a substantial new high, but nonetheless, it is too soon to conclude that the rally is over.