Our downside targets from two weeks ago remain in force: the 100-day moving average and the .618 retrace from the recent highs: 1948-1955 on SPX.)  The all-clear will be a break through the .500 Fib at 1962.

It’s quite possible we’ll get a bounce at the moving average before going down to tag the .618 later.

UPDATE:  12:00 PM

Downside arrested by NKD’s 1% rule again — back above the SMA50.  FWIW, there’s a gap to close at SPX 1981.07 (just shy of the .786 from 1986-1964) and VIX 14.78.   GLTA.