Technical Level Broken

A technical level on the S&P 500 Index was broken today,as the index closed below 1042.Apparently,there is now nothing to stop a free fall on Monday morning.Indeed,the S&P futures were down substantially earlier this evening,intimating just that.The VIX volatility index had spiked to an uncomfortable height today,and about 80% of stocks had crossed below their 40 day moving average.Frankly,it was a crummy end to the week.The consumer just is not there for the market,according to the economic data.It's the perfect excuse for a round of profit-taking after a 55% run-up.If it becomes a 10% correction,we could have three more days just like today.It's helpful to write and read about the situation as it actually is.Now we can put it aside and watch some football or whatever we like to do.