Close but not quite yet for the S+P 500

The S+P 500 futures are higher this morning, following the drubbing the index suffered yesterday. The index fell back further below its 200 day moving average (in place as of the close last night around 5,739). The S+P fell to 5,564.02, which was more than 200 points below where it had closed on Friday, at 5,770.20. That means it came even closer to reaching a 10% correction from the all time high, at 6,147.43. That 10% corrective target has been touted here for a while now and as you can see, it got close to the entry level yesterday. However, it did recover some of the losses into the close, where it later ended the day at 5,614.56, with a loss of 155.64 points on the session. As stated a few times already this price point remains on the radar and that is still very much the case today, despite the higher opening outlook right now. The S+P 500 is currently priced to reopen around 5,635