The S&P 500’s pullback from Friday’s intraday high crossed the 5% level today.  The current pullback is the third intraday pullback of at least 5% since the rally began on March 9th.  With the S&P 500 on pace for its third straight daily decline (another first for this rally), the current pullback is also the longest. 

A key level to watch on the S&P 500 is 875.  The previous pullback in April ended when the S&P 500 traded down to the level of the March peak.  If this decline is anything like the last, we would expect to see support at the peak of the April rally which was 875.  If that level fails to hold, the next area of support comes into play at the 50-day moving average (~825).

Source: Bespoken Research