62% retrace on the S&P500 keeps the Correction 'in play'.

S&P500 Daily Chart @ Close 06/20/2013

The benchmark's failure to surmount the 1653 level (61.8%) retrace of the preliminary losses from 1687/ 1598 has kept the Tactical Bearish Trade alive.
Further potential losses now @ 1550 / 1475 should the market 'gods' wish.