The correction I wrote about last week is now under way. Fridays big down day was the start and should last a few weeks. The weekly R2 pivot was the high last week and told me not to look for new long positions. The Dow Transports break down over a week ago was the warning signal. I wrote about that on http://www.freestockcharts.com/ . This week look for resistance at 11900-11950 and first support at 11750 then 11500.
Update: 2/1/2011: hmmm I maybe wrong