The S&P 500
suffered its biggest one-day selloff in 18 months this past session. That was enough to push us to the lowest trading levels in six months and critically break the neckline on the head-and-shoulders that has formed through 2015. Is this THE move towards a market-wide deleverage that is long overdue? Big question and shouldn't be called on one day and one move. The next measured technical level will be the floor of the SPX
channel going back to its March 2009 bottom.