There is major support in the 1010 to 1007 area. If this is broken, the next support level is 997 to 992. This may be the correction we have been looking for.
In our last comments on 8/22/09 we noted the market maybe headed toward a back and fill type action. It appears we have been experiencing this type of trading recently.
Resistance is 1018 to 1023. The market appears currently tired from its run beginning in July. There is major resistance in the 1027 to 1032 area. As liquidity decreases this week and part of next week due to the Labor day, this would be the ideal time for the market to make a correction.