This doesn't bode well for the markets. It's not the end of the world just a correction so here's some levels to watch in the $COMP:
With the Europeans starting their bullshit again it's likely we see further weakness before strength. The Spanish think they have time to ask for a bail out, the market says they don't as this current weakness started with them saying a bail out request wasn't immanent. That was a clear bone head statement and proves they either don't understand the predicament they're in or they still think they can lie to the markets. Both these misunderstandings should lead to pressure on the markets. The S&P just downgraded Spain saying in so many words that they're idiots if they think they have time to ask for a bailout. Add to this the fact the U.S. congress is acting like they're on vacation and you have a recipe for downside action.
Good luck traders, and happy hunting!