Mike Santoli's market notes: Key S&P levels, earnings first take, crowded stock shakeout

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This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.

  • Market feels some mild shudders as overheated growth names continue to cool off. Noted Monday the three-week ramp to the recent highs was steeper and faster than the run into the Sept. 2 peak, makes this choppiness look so far like a benign consolidation for now.