The S&P 500 reached intraday our objective at 2800 before rebounding. We observed heavy selling pressure as measured by various indicators. The rout in emerging markets is spilling over and fear is again back in investor’s mind who are either reducing their long positions or hedging their bets in the option market. There are still some elements to complete the puzzle like the weekly survey among private investors which still stands at a neutral level and momentum oscillators based on prices that are still pointing down. In summary, we think that a bottoming process may start from these levels.