The market appears to be moving into crash mode or into a panic type intra day low that may occur either this Friday 3/18 or the Monday after the weekend 3/21.
This could be a huge one day move and may even take the SPY to a gap fill near the 120 range. The volume today is a huge clue that this is about to happen. If we were going to bounce today the volume would have been much different.
The tape action is horrible today and does not seem to indicate any bounce at this time. More on this later today… On the contrary it appears we are building volume into a stampede type action. This market wants to blow itself out.
Support on the sp500 comes in near the 1200 range. I will have to take a close look tonight and see where this decline may terminate, but my initial thinking is it could be close to 1200 on an intraday basis.