The psychologically important 1500 level is about to be retested as we head into the close. This is a big level for the bulls who have pinned their hopes to taking out the old life highs of the index last hit in October 2007. Support below 1500 is at 1489.21. Resistance is at 1509.04, the high of the day. All sectors are in the red, with the exception of the Utilities. The Industrials and Energy, two of the better performers in recent months, are the leaders on the downside.