Deja Vu

Could this be deja vu for the market? Will today’s selloff turn out to be like the one on January 28, 2011, a one day pull back event. Or this time the market will have a correction and the SP500 will pull back to the 1275-1280 region before it resumes its ascend to higher high.

The following chart shows the support levels to monitor for the SP500.