Yesterday I mentioned on Twitter that a retest of the breakout day had possibly occurred which incidentally coincided with Bernanke's Congressional testimony. Here's the chart for your review.
While not show, the level corresponds to .786 retracement and the concept of what was once support, once broken reverses and acts as resistance.
An initial five waves down from 1562.75, would bolster the probability that a larger price decline could occur...
Is 'Sell in May and Go Away' finally here?
We'll see.
Best of Trading
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Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.
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