Monday, June 24, 2013
The S&P 500 closed today at 1573 its low for the day was 1560. The support level is 1572 so we closed at a significant support level. If we close below 1572 then the next support is 1541. The market was gaining ground at the end of the day so we could see some upward bounce to the 1580-90 level tomorrow. At one point today we were down almost 8% from the high. 1518 will be a 10% correction. Before all is said and done we could very well hit that level.