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As for the bullish case...

|Includes: SPDR S&P 500 Trust ETF (SPY)

Despite the variety of bad omens out there, the S&P is holding at technical support, while the USD is facing resistance.  In both case, a break though support would be an easy (and inexpensive) bail.  The S&P has 3x support in this 1270 area, plus the 200 day MA is here, along with the trendline support from the 2009 bottom (if charted on a linear, rather than logarithmic chart).