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At 7:45 AM in New York, the S&P fucutures were heading for a test of last week’s low, with what should be an intervening support level around 3380. 
Below is what I had written earlier, around 4 AM ET.
Europe is marking time this morning, waiting for its next cue from New York, a cue that was missed yesterday.
Meanwhile the 5 day cycle projection points to a high of 3450 on the US. Trend support on the hourly chart is at 3420, about where the fucutures are at 10 AM in central Europe, 4 AM in New York. If that breaks, you can see for yourself several levels on this chart where a renewed pullback is likely to come to rest and reverse.
3385 and 3350 are the key support levels on the daily chart.
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Here’s why the other shoe hasn’t dropped yet, but where it might.
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