The huge gap from last week acted as resistance and the session ended on its open's level.
There is not much else to add say about current setup now; market looks weak and we might recover or not.
In my (subjective) opinion the risk is rather big now.
Quite bearish interpretation of Elliott's waves on S&P500 (here).
Sources:
[http://www.thedisciplinedinvestor.com/blog/2010/02/08/quick-elliott-wave-update-on-the-sp-500]
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