After breaking into new 2011 highs a short three weeks ago, up 10 percent on the year, the S&P 500 has since lost its footing and retraced significantly, erasing yearly gains and potentially heading for a correction. The question is: where will the correction end?
Timing a purchase in the middle of a correction is never an exact science. A Goldman Sachs analysis from Monday pegs the turnaround point near the 1850 to 1890 region on the S&P 500 based on historical trading patterns, saying it does not anticipate a 10 percent correction to exceed 1810.
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