As of June 16, 2011, the S&P 500 index has dropped to a new low of 1265, erasing gains from the previous day. This indicates a potential continuation of the downtrend, with a key support level at 1250. A drop to this level could set up an opportunity for a significant rebound in the market.

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Market Update
June 16, 2011
The S&P 500 (SPX) gave back all of Tuesday’s gains – and then some – on Wednesday, dropping down to
a new low for this correction, at 1265.
S&P 500

2. This may mean that the downtrend is not quite finished, especially with a big retracement attractor target
at SPX 1250 still looming just below.
So if the SPX drops down to 1250 or so over the next few trading days, then the SPX will be in perfect
position for a very strong rebound.