The Dow is off 207 points, the NASDAQ 70, and the S&P 500 is down off 27 after Argentina devalued their peso a total of 11% over Wednesday and Thursday this week. European markets suffered even larger percentage declines compared with the U.S. and Asian markets. Emerging markets have been on a 3-year rally, but now are rolling over. Key support levels for the S&P 500 have been breached today. The chart indicates that we could see the S&P 500 fall back down to around the 1,650 level, which is where we bottomed in early October. If we have follow-through on Monday with further downside, I would expect this to be the beginning of a major correction phase for the markets.