Following the bounce seen the last week of April off the 1354 lows, the market rallied into retesting its daily channel that was broken on April 6th. The bottom of this channel was hit on the tee as the market put in highs of 1411.75 and failed to move past the level, only to be rejected and turned lower. Thus far we have seen the market break off this rejection and fall back down into taking out the stops below the 1354-1352.50 lows. This has the market now testing the bottom of a newly created channel based off the March - May highs. This test of this bottom channel also sees the market nearing a 50% retracement of the 1259.75-1419.75 rally at 1339.75. Support should come into play at this bottom range to bounce this market back into retesting the market from where it broke down at 1390-1411. Failure to hold these levels puts the next major support into play being the 1320 level from where the market broke out of in February, also a 61.8% retracement level.