The S&P 500 is at the bottom of its recent upward channel. (Chart from Helene Meisler at Realmoney.com) Time for a more significant correction? Probably. The Nasdaq (not pictured) has already broken similar short term support.
Bespoke Investment Group (BIG) has a poll on their blog this morning asking readers about their opinion on the amplitude of the selloff that we are in. How low will we go? It is interesting that one in five readers believes that this move is the beginning of the market making new lows.