It is currently below its key 50-day moving average as well as the long-term trendline
drawn from November 2012 (see Chart 2). That puts it in the midst of a meaningful correction, with a first downside target at support from the Feb. 5 low around 3,968. Adding to its importance, the 200-day average will rise to that level in the next week or so. But bulls, please note that is not far away from Friday afternoon's trading at 4,037.