Is the S&P 500 Heading for a Correction?

Since the midterm elections last week, there's been some growing apprehension from investors about what comes next for the markets. The S&P 500 (SNPINDEX:^GSPC) is, after all, trading at high levels as it has continued to reach new records this year.

In the past month, however, the index has declined by more than 3% (as of Monday's close). For it to fall into correction territory, it would need to fall 10% or more from its high of about 7,844, which would put it around 7,060. It's a steep fall, but with economic and political uncertainty potentially weighing on the markets, could it happen?

Image source: Getty Images.

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