Stock Market Update

[BRIEFING.COM] Our last update discussed the market's budding optimism that a deal to end the government shutdown could be in the making. CNBC has subsequently reported that the Democrats' offer will be rejected by the Republicans, who want the government reopened first before holding talks on extending the Obamacare subsidies.

The rebound effort has cooled off in the wake of this reporting. The bogey into the close now will be 6,669.00--the key support level (50-day moving average) we have been highlighting all day.

A close above that key level, even if it means a loss for the day in the S&P 500, is presumably an important component for breathing some life into the buy-the-dip crowd, as that key support level has held repeatedly in the run off the April lows.