File this under "Other technicals."
It has been a while since we have seen risk assets down for the quarter and month. As it happens this is happening across the board, with safe havens positive for the quarter and month thus far.
Markets can come back evidenced by 2016 Q1 which began January in this condition. It took more than a -10% drop and buyers near YS1s and monthly 50MAs, then a huge recovery in March to turn the quarterly bar positive.
SPX is -3.28% tick to tick for ~18 trading days, and -2.75% close to close for ~32 days. Where and when will buyers step in this time? 5% from highs would be about 2280. This is also near Q2S1. This is not a forecast, just a possibility.
