You cannot deny the similarity of these two moves. I think that the S&P 500 formed on Friday a similar pattern like on April 27th 2010. But just take a look:
2010
2011
Just watch out! Now the chances for a deeper pullback are very high. Also if you are comparing the sentiment from April 2010 with the sentiment now you will see some kind of similarity.
I do not think that we are just selling off hard the next few days, but after a one to three day pullback I think we will see further selling in the US and European indices. In the S&P 500 I am looking for a pullback to 1225.
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