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1490 broke.
Next pause on the downside- is in the 1460 range- I expect we'll see that in the morning.
And if 1460 doesn't hold, then the next floor below that- well, I don't want to say it, but it looks like the next floor below that is around 1400 or so.
Not a pretty picture for the next couple days.
It is extremely likely that the price/earnings ratio of the S&P 500 will drop to 10 or lower some point over the next several years, but this fall in the P/E ratio could be driven more by a rise in earnings than a fall in price. And if you think it is unlikely that the S&P 500's earnings will rise by much over the next several years, consider that the composition of the senior stock index will change.