The S&P futures are testing trend channel support. So it looks like either the larger correction discussed Wednesday is playing out, or something more bearish (ie. perhaps the hourly chart squiggles are fooling me and a big top is already in). If trend channel support is broken, the 2007 highs are not far below. A monthly close below that 2007 high would return the S&P to the giant trading range that began around the turn of the century, opening a way for a decline toward the bottom of that range ie. the 2009 lows. But let's not get ahead of ourselves. Trend channel support has held so far, though the bearish moving average cross indicates a fledgling down trend.