The S&P 500 was holding a major level, the 1,770-1,775 level.
This was the bouncing level tagged multiple times last week. Today,
the S&P has wiped that level out with force. A close below that
level today would be very bearish for the overall markets. Unless
we see a major reversal to the upside today, be prepared for more
downside with a few small bounces along the way.
Most sectors are taking heavy losses with the NASDAQ leading the
percentage decline, down 2.40%.
Gareth Soloway
InTheMoneyStocks