UPDATE: I was typing too fast and plugged in Nasdaq numbers rather than S&P, The 500 was around 786 down 30. Sorry.
As I said in the post immediately below, reality has attempted to intrude on the blogging.
I won't get all Fibonacci or 50-day on you, this decline has an odd feel to it. We might be setting up a nice mid-week run. The DJIA is currently down 307 at 7468 and the S & P is down 53.81 at 1491.
Okay I will get a little Fibbo on ya, the 38.2% retracement of the up-move on the DJIA is 7368, the 50% is 7236.
The corresponding S&P levels are 773 and 754.
The end of the quarter on Tuesday may account for the odd feeling.
Oh heck, here's the S&P 50-day chart, from Bespoke Investment Group
(I don't think breaking through it matters though):
...With the selloff of the last two days, the percentage of stocks above their 50-day moving averages has now gone from over 70% to below 50% (49.2%), which is a step in the right direction in terms of alleviating the overbought levels we hit last week.