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Clarification on Europe and the US economy needed before Big money pulls trigger. 12-member supercommittee to become critical factor in confidence in government.

The Street awaits news from the Fed and Europe, the latter not expected now until early October. Beware of a new-prompted breakout above DJIA 11,740 (S&P 1220)

Expect a technical rally today. Resistance to upside starts at DJIA 11,460 (S&P 500: 1210). Market needs the Big money to buy aggressively.

Without meaningful reassurance Europe can address sovereigjn debt issues, this market is headed lower.

European debt crisis plus the possibility of a U.S. recession are combining to produce a major buying opportunity at current levels, or a plunge below DJIA 10,000.

The market averages have rebounded into resistance naking new buying risky and offering traders a chance to lock-in quick profits. Correction due.

With concerns for Europe and a recession out of the way for the time being, the focus will be on Q3 earnings, which can goose the market up further.

Q3 earnings take center stage. Wall Street now EXPECTS the U.S. to avoid recession and for Europe to solve its debt problems. There may be no room for surprises in this market.

A host of new negatives (Fed notwithstanding) are combining to trigger a downside breakout from the Aug. 9 consolidation with an initial target of Dow 9,680.

Rally started Tuesday anticipates announcement from Europe of a solution to debt woes. A rally would accompany such news, but "buying the news" risky.

What is really needed here is for a slipping economy to stop slipping and start to gain traction, catching the Street by surprise.

Bulls have their backs to the Wall and need some big buying to prevent downside breakout of a two-month trading range and potential rout.

I have been looking for a buying opportunity but not at these levels. Test of August lows possible after a Fed rally next week. New buying is risky.

Germany's Chancellor Angela Merkel and France's President Nicolas Sarkozy said they planned to address Greece's financial woes and the "structural defects" of the 17-nation euro-zone by November.

European Group of Seven meets tomorrow to stabilize its economic and debt problems. U.S. markets to test August lows today and Monday.

The Aug. - Sept. consolidation between DJIA 10,600 and 11,740 stands to be a base for a surge, or way station leading to a drop below DJIA 10,000 (S&P:1050).