S&P 500 is going to have an interesting week.  There are a lot of earnings reports coming out this week and AIG being one of them.

Later on in the week, we have The Employment Report come out.  Do you think unemployment rose last month?  (Yea I am pretty sure its going to increase).

Now the question is has the market responded to this date?  Let’s look at Fridays close:

As you can see, we closed below the low we had in November.  This doesn't mean its the end of the world but it could mean trouble if we stay below it.  Judging from the futures it looks like it will be going down even more Monday morning!

So that being said, I think the SPX will end up around 724 near open.  If we stay below the 730 mark this week it will be time to start searching for the next major support.

Last time we saw the market this low was in the beginning of 1997.  Have we hit bottom, or do we have another decade of losses to go?