IBD has called the market in correction based on yesterday's action, but the folks at Cabot say the market's uptrend is still intact despite the recent bought of selling. I have to admit I was surprised by IBD's call since there has only been 4 distribution days on the NYSE. It seemed they were basing their decision more on the action of leading stocks, which have definitely taken a beating the past few days, than the distribution count. The general rule is 5 or more distribution days before a correction is called.
The SP500 really needs to close above 1340 (futures above 1337.50) today or we may see a much deeper pullback, but until the April 18 low of 1294.70 is breached, we will still have a series of higher highs and higher lows.