SP-500 closing price below 3300 should be significant, especially on a close below 3280. Unless there is such a breakdown, the SP-500 chart can still be considered to be bullish.

 

The state of the stock market.

From a technical standpoint, the market was extremely over-bought (and continues to be), so a pullback like this is very normal. There are plenty of non-normal things about the market right now, but a rapid pullback after a rapid rise is not one of them. If the pullback keeps going it could turn into another story, but it’s not there yet.

Until SP-500 breaks support at 3280, the SP chart will not be bearish.  If we break support, then a more severe downside move will most likely to follow.

If we don't hold today's low then "all bets are off", but if we do, possible blow-off top is next, stay alert.

"Theory of Reflexivity states that investors don't base decisions on reality, but rather on their perception of reality. The actions that result from these perceptions have an impact on reality which then affects investors' perceptions and thus prices."