Stocks gave us hope yesterday with a nice rally up to 3343, a level we have identified. Unfortunately this was short lived and they were swiftly kicked back to lows 3264. What appeared to be a double bottom for stocks was breached further to establish new lows at 3242. The S&P has since bounced back to 3292. The bloodbath finally seems to be facing some resistance around current levels. We will have support at the psychological and technical level of 3200 if not. If stocks can muster another rally, 3343 is a good target for today.