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S&P 500 falls, tests the 1400 level

The index hit the 1400 level this morning, testing at 1400.07, before bouncing slightly. The 1400 level is a psychologically important one, and a break below that level would therefore be price bearish. Support in that case would be at 1391.39. Resistance is at 1405.95. All of the sectors in the S&P 500 are lower on the day with the exception of Utilities. This is a reversal of Friday's price and sector action that is nearly mirror-perfect. The leaders on the downside are Energy, Materials, and the Financials.