Stocks were so overbought that Friday's nasty selloff didn't even break the uptrend line. From a short term perspective, Friday meant nothing.
From a longer term perspective there is room for more correction within the context of a bull move. Good support should be found at the Fibonacci retracement level around 1220. Further support comes in at 1125-1150 but at this point there is no reason to expect this to carry that far.
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