With 35 minutes remaining in today's session, the SPX has sold off and broken important intraday support at 1309.  It is heading for a test of Friday's low at 1306.16, which if violated, could trigger additional weakness that presses towards a test of Thursday's "Bernanke Lows" at 1295.00. For now, let's see if the 1306 support area contains the current sell-off.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.