Not a fun time for the bull side. This is the second time in under a week the market rallied to a positive (or in Friday's case, nearly unchanged) close after a down day, which should have been positive.... but opened the next day down deep in the red. Last Thursday was more ECB inflocted whereas today is debt downgrade inflicted.
Currently we sit at the intraday lows of last week. Let's see if it holds.
EDIT 10:19 AM - Ok not so much. Once we break those old supports such as previous lows, its amazing to watch how fast those computers sell off this market. We dropped 8 S&P points in a flash.