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%.
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