1503 is the 50 day moving average as of today. The next step down as I have re-iterated many times before is the mid-1400s. Look at how it went from 1534 to 1512 very quickly. The CMF has shown a negative divergence with the price since the start of May indicating distribution. Mid-1400s is the next price target. The volatility is going to shoot through the roof soon as the price approaches the ultimate resistance which I believe to rest somewhere between 1400 and 1440. My price target on the VIX is 23.