The Obama rally was short-lived and actually earlier than i expected. The price action this week was very heavy and bearish, obviously. A decisive break of 8500 will lead to another strong leg downward, and ultimately a failed retest of the recent lows. Technically, the charts are very clear. Add in the overwhelming barrage of negative news - middle east, russia, congressional uncertainty - and it adds up to more downward pressure. If you are not an adept short-seller, i strongly suggest the ultimate in caution when buying u.s. equities.