Pretty big technical event today. S&P
close below 200SMA for the first time since last Oct
. It could face a big correction finally. The exact path and target is hard to project for a correction like this. Since this correction is higher in degree compared to the nikkei is in. I expect this one to be deeper and/or longer. Check the big RED pitchfork
I draw. The fact that we are in a big correction doesn't mean We couldn't make new monthly high. Be very cautious about this one.