Market gaped lower and did a classic close-the-opening-gap move followed by testing the waters below the 880 support for about two hours before snapping back to a very tight range trade around the 880 support level. Volume was dismal.

S&P 500 Index 5min Chart

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S&P 500 SPDRs 5min Chart

Consumer confidence index fell more than 6 points to 64.6 for mid-month July well below the consensus estimate of 71.5.

S&P 500 Index Daily Chart

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