S&P 500 - A perfect tuchdown...

With a high at 1,170.50 the ideal retracement area reached. Whats needed now is a break below 1,147.30 to confirm the next leg lower has begun.

Expect the area between 1,164 - 1,165 to protect the upside for a break below 1,147.30 for a decline to at least 1,129.87.