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Correction? S&P first has to clear a technical hurdle

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Correction watch: Is this the big one?

After September losses, and with U.S. stock market on track for a third weekly drop, talk of a correction is back in vogue, but market strategists say the will have to first breach its 200-day moving average, which has held amid all the recent down days.

"If you break below 1,900, or the 200-day moving average, a psychological floor, then we'd see selling accelerate," said Sean McCarthy, regional chief investment officer for Wells Fargo Private Bank.

But McCarthy believes the support will hold "at least to get us to the heavier part of earnings," which will eventually overtake headline-fueled anxiety including worries about Ebola, geopolitical tensions and most recently, data illustrating slower economic growth in Europe.