Rough open for stocks as S&P 500 falls 3.4% to enter a technical bear market

The S&P 500 is down 3.4% shortly after the open and trading back to January 2024 levels. It's down more than 20% from the February high, which is a technical bear market.

It's been one of the worst stretches in markets of all time and if today's levels hold, it will be the worst three-day stretch since 1987.

If we don't bounce back very quickly, it's going to be an interesting earnings season.

I would expect some margin calls here today but watch 4818, which is the high from 2021. That levels is now support and with the 14-day RSI extremely oversold, we could get a bounce from there.