I am a Tactical Strategist who tries to be objective common sense approach, but the more I examine what’s going on in Europe and the potentially spiraling problems, the harder it is for me to be objective. The structural problems have not been addressed and the firewalls are breaking down. The trust, that was hanging by a thread between members, is being tested once again.

This can get very ugly. At this point markets are trying to hold this 1340-1345 S&P zone, but I find it difficult to believe that will be the bottom of this corrective process. Traders having success are either micro scalpers or have a longer term conviction on individual companies. This is a dangerous game but everyone has different timeframes and risk tolerance.

The Euro’s Demise Has Been Set in Motion: Are you protected?

"Nationalism will emerge. Healthier countries will not see fit to spend their hard earned money to bail out their less responsible neighbors."

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Futures are climbing into positive territory this morning, they are trying to muster some sort of oversold bounce, but there are not many believers out there. European markets did start to stabilize today, which will help the cause. Spain’s move to nationalize its fourth largest lender helped to stem the selling pressure. Weekly jobless claims fell 1,000 to 367,000.

The SPY pivot from yesterday is $134.49 (S&P 1343). Bigger support is $133.60-134 (S&P 1335-1335). The more compelling area is S&P 1320-1322.

Resistance sits at 1360-1363 (SPY $136.60-136.80). The spot that will be tough to get through is 1370-1373 (SPY $137-137.30).

Futures are higher despite at 7% after hours drop for Cisco (NASDAQ:CSCO) following earnings, which included weak outlook.

Scott Redler is the Chief Strategic Officer of T3 Live. He develops all tradingstrategiesfor the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader. Scott Redler has been tradingequities for more than 10 years and has more recently received widespread recognition from the financialcommunity for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Scott moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young tradersin the firm. As a manager at Sperling Enterprises, he maintained his status as a top trader in the industry while working closely with all tradersin the firm to dramatically increase performance. Scott has participated in more than 30 triathlons and one IronMan triathlon, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Businessand Bloomberg, and he has been quoted in the Wall StreetJournaland Investor’s BusinessDaily among other publications. Scott produces much of the media and content available to subscribers and followers.

*DISCLOSURES: Scott Redler is long (NYSEARCA:SPY), (NYSE:JPM), (NASDAQ:AAPL).

NYSE:SPY