Probably for now, though short term the 1640 area should be considered as major support. The critical juncture is first the 1715 area, and how it is handled. If internals turn lopsided bearish rapidly (namely a lot of put buying and excessive tics and trin), there is a possibility that 1640 will hold. If complacency reigns, though, then the sub 1500 can be contemplated again as a potential bottoming area.
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