Update

The market has fallen back near the 1250 level and this is a very bearish development.  If we had had a real rejection of 1250 earlier the e-minis would have stayed above 1256 once they traded at 1265. Instead they are trading at the lows of the day. I think this action is telling us that the rally on the bailout news has not changed the direction of the downward trend which was established last week.