Market Update: S&P 500 breaks to next level of support

A quick update to yesterday's comments. Then I wrote that 1620 was near-term support followed by 1600, and I expected this correction to hold within that 1600-1620 range. Viewing the hourly chart, it didn't take long for 1620 to get breached and the index is currently hovering between 1600-1620 at 1608.

Source: Finviz.com

Note the extended downward trend line (red) from the preexisting triangle formation now indicates upper resistance at 1630, no longer 1640. And there are now enough price points to draw a lower-boundary declining trend line (blue) which indicates 1600 as support -- further confirming that round number that was arrived at due to 1) April's prior highs, and 2) the 50-day MA is approximately at 1600.

As I wrote yesterday, "for now, this market correction remains a healthy one," however 1600 needs to hold in a meaningful way (meaning dips to 1598 or even 1595 are OK, often just shake-out moves). If 1600 is broken beyond just a minor, brief dip, my tune will almost certainly change.