So much for the potential double bottom in the S&P 500, but there’s another level

The S&P 500 is down 80 factors, or 2.1% and immediately’s shut will mark a seventh consecutive week of declines. That is a uncommon feat and it would not bode nicely.

I had some optimism yesterday that the Goal-rout may mark a tradable backside and it did to some extent however the incapability to rally for greater than a day is dire.

There was some hope for a technical double backside however, alas, it wasn’t to be. The S&P 500 index is now down 20% from the excessive and the Nasdaq greater than 30%.

One different line of assist is being examined proper now. 3815 is the 38.2% retracement of the rally from the pandemic low. Possibly that is a spot for the bulls to make a stand?