Surviving Everest I - Two days ago we hoisted a half-masted flag on the SPX and surmised we would know by Wednesday afternoon if 2790 would hold - it didn't. 200 Day MA will neither; as of this writing futures stand @2770. Breaking a Gann Fan line along with horizontal support the S&P stands poised for secondary target @2712. Extrapolating trendlines leads us to project conjunction of .38 Fibonacci and lower Gann fan intersecting @ 2575. While dailies are quite oversold, weekly technicals have room to run, lower.