Swing Trading Strategies & Stock Picks Since 2003

News of the failure of the auto bailout has tanked an already weak market sending S&P globex futures down over 40 points from Thursday's close.
This on top of the late day's drop of 25 points is clearly an impulsive wave down, probably igniting the next drop to new market lows.
If so, the 7500 level on the DJIA should be tested and breached by this move.