S&P 500 breaks support

As of the close on Tuesday , the S&P 500 broke key support at 1040. We have reduced equity exposure accordingly and have returned to a defensive stance. The market is very oversold on a short term basis so a near term bounce would not be out of the question. We could see a bounce on Friday if the employment number is not as bad as many analyst and traders predict it to be. We will be looking to trim back exposure to equities further on a bounce in market as the breaking of the 1040 level leaves the S&P 500 vernerable to trading down to it's next level of key support at 950.