Even with the declines, led by the momentum stocks which are the agitator in the wash cycle, we are falling back to the lower bound of the upward trend channel.
I think that if this is going to be a major correction, which it is not yet but is still possible, we will have to see some serious support levels below here break down.
I would look at the techs to lead and SP to confirm downwards if this correction turns into something more significant. And alternatively, the SP to lead a rally back up with the techs confirming if that should happen instead.
Although it may look good, this market is like a piece of fruit going bad from within: soft, unpalatable, and infested with vermin.
But for now this looks like a thorough rinse after a first quarter washing.
Have a pleasant evening.