S&P 500 down as much as 32 points at the open
The market is in a sour mood as risk aversion ramps up. The yen is leading the way but it's the stock market that's likely in charge today because of a light economic calendar.
The Jan 21 low of 1848 was momentarily breached at the lows but some dip buyers have stepped in. Beyond that level, there is nothing to catch the falling knife.
The time to sell was as soon as the market was unable to break that 50% retracement level.
Update: Now down to 1845. We're 1.6% from the January lows.
