Fibo Optics

Not long ago 
I could feel your strength and your devotion
What was so clear
Is now overcast with mixed emotions
--Gloria Estefan

Stocks continue their slide, with the COMP drawdown from highs exceeding 30% last seen during the credit crisis. The SPX just missed the -20% bear market proxy today.

Because stocks pretty much went straight up off their corona lows to all time highs, there's not many branches of support to hang onto on the way down. Consequently, technicians are resorting to Fibonacci retracement levels to generate estimates of possible support levels.

Coming up fast is the 38.2% retracement level. For the SPX that equates to 3815. The SPX touched 3859 intraday before rallying back up to 3930.

Will be interesting to see what happens if/when the current 'wide and loose' action takes prices down to that Fibo level.