US stocks reverse gains- S+P 500 nails first correction target and falls back

Yesterday the early gains in the US stock markets suffered another pretty hefty reversal and all fell back to close lower on the day. The worst performer in percentage terms was the Nasdaq 100, but more on that later. The focus here is on the S+P 500. The index absolutely nailed its first correction level that was outlined to you earlier in the day. That was at 5,329. 52 and it represented a 38.2% correction of the fall, from 5,669 to the most recent low at 5,119. The actual high seen in early trading was set at 5,330.64. The subsequent fall from that level saw the index drop to a session low at 5,195.54. The index later closed 40.53 points lower, at 5,199.50. Hence, it is hoped the technical information provided proved to be of some use to you? Overnight the S+P 500 futures did fall to indicate a reopening near 5,150, but since then and another rebound in the Nikkei 225 today, that opening call is back closer to 5,200. It is just now at around 5,196, but as noted many times in recent updates, this is going to chop and change a good deal before the index reopens this afternoon