Is The Correction Over?
The big question after today is, "Has the correction run its course?" The answer is not sure. Why?
First, if you run a retracement of the December low to the April high, then you will see that the S&P 500 via SPY has yet to retrace even 38.2% of the move. This would be healthy to test this level and then recover above it. If that level is not going to be breached, then it needs to get above a a level that is close by.
That level is found by running a retracement from the April high to the June low. The first retracement level is 281.36. If we get to this level and fail, then watch out below. If we clear it, then the 50% and 61.80% levels will be overhead resistance.
The machines know these numbers and now so do you.