Okay, I confess. I don't have a clue whether today's move is the beginning of a correction or not, and I don't have a clue as to what might be reasonable downside targets or levels.
Fortunately for me, there are much wiser people than myself who provide those kind of insights, and one person who I respect points to the following support levels on the S&P 500: 875, 827 and 780 (don't ask what is next after 780).
Now I can feel better about myself, because I have a framework for reference.
Note: I took an eyeball look at the graph myself and I would pitch pretty strong support around 800.
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