As noted yesterday, the 1080-85 level on the SPX was THE crucial level traders were watching.
The reversal today was telling — despite the strong opening, markets are moderately lower, and that key support level we were watching yesterday is now broken.
My trader Pete notes that a close under 1080 brings 1038 as our next major support level being cautiously watched by most traders. Many of our individual names have been getting stopped out: ACI this morning, and NUAN just now too. (We will revisit them lower)