S+P 500 extends downside correction

On July 16 the S+P 500 set a new all time record high at 5,669.67. The price action since then has seen the index step back from that record and the fall yesterday of almost 100 points from the top to the bottom cemented that correction. If one is to look at the potential for that correction to extend then it could have a significant way to fall (more detail on potential downside targets later). That is not to say it will, but right now the index is in a corrective pattern. The S+P 500 peaked yesterday at 5,614.05. It then fell to a low at 5,522.81, but it did rebound somewhat into the close, repairing some of the earlier damage. The S+P 500 closed last night, 43.68 points lower, at 5,544.59. The issues with IT systems widely reported today has not helped any of the US stock market futures it seems, as indeed it has dented the European markets too. So, right now the index future is priced to open this afternoon around 5,535