S&P could plunge 20% if these key levels are broken (via TradingNation)
After selling off for two days, the benchmark index now faces a key level which could mean the difference between an overdue pullback and a far worse bear market slump, says"Simply look at the depth of each correction that we've seen since the late 2018 low in this historical run," Gordon said on CNBC's "
If the SPY ETF fails to hold at the lower end of that zone, Gordon says it has a long way to drop before finding a cushion at its next level of support. Gordon has identified the lower support line at roughly $227, implying 21% downside from current levels. A drop of that size would push the SPY ETF deep into a bear market having fallen more than 20% from a 52-week high set last week.
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