The next 24 hours will be quite critical for the S&P 500 index. Clive Corcoran suspects a break above 1193 with perhaps a quick run towards the April high, but he would then be wary of an abrupt reversal.

The anticipation is that the US mid-term election and the expected announcement regarding QE2 will be the necessary catalysts to force traders into deciding on the intermediate-term direction of the market.

COW, an exchange traded fund which is designed to reflect the performance of livestock and is composed of futures contracts on lean hogs and live cattle, has reached a level where a long-term trend line of support is now in jeopardy.

Clive Corcoran is maintaining his view that the risk/reward matrix for the next 30 or so points on the S&P 500 is not favorable.

The 1165 area on the S&P 500 futures remains quite a critical area of support.

Clive Corcoran shares some thoughts arising from the G20 meetings in South Korea.

1200 is still the upside target for the S&P 500 futures, but the 1155 value registered earlier this week also represents an Achilles heel which may need to be tested again before the April highs are challenged.

Many key global indices have attained and are struggling at key fibonacci levels.

There are growing signs that risk aversion is beginning to resurface which is also being reflected in hesitation about extending and adding to the hot money flight into a variety of emerging market asset classes.

Just how severely the banks could be hit again by the resurfacing of the mortgage-backed securities mess remains to be seen.