Today's pullback was long needed, so I was relieved to see it. I was also pleased to see the market rally off the lows of the day to end only marginally down. What interests me on the SPY chart below is that we are seeing an increase in volume at current price levels. I think the 2000 level on the S&P 500 is an important psychological level. If we can get above it again I think another leg of the rally could take hold. However, this is a potential inflection point so investors should be positioned to protect themselves in the event of continued declines.