Oh dear - what I feared. Just went to check what analysts are...

Oh dear - what I feared.  Just went to check what analysts are saying and the whole world is talking about a head and shoulders bottom which means that won't be the right analysis.  So as @Cabbie reminded me, the recent rise might have been wave one up and this is 2 down.  That is the ultra bullish analysis.  

I just feel that the importance of the current level on the index will be clear to all and the importance of holding it so I would expect there will be a major effort to get the PPT to enter the fray.