The Dija has to close at or near day's high but this looks like a distant possibility.The S&P has gone below its 50 DMA and we could see the next stop at 1770, this was mentioned in the outlook for DOW in an earlier post.Is this the beginning of a bear market? A correction was long over due however this will not change the the outlook of the feds with regard to tapering.The parameters are different for that issue.The European markets closed in deep red and the contagion will now spread to the Asian markets, and we need to see where Nifty and Sensex heads tomorrow.A gap down looks certain?