Chart analysts believe the recent breakdown in the S&P 500 has placed the index in a danger zone with potentially bigger losses on the way.
Since reaching a recent high of 2,130 in June, the large-cap S&P index is down 3 percent on growing concerns over the unresolved debt crisis in Greece.
"For weeks, we've been keying on 2,074 on the SP500 E-mini as the first level where real technical damage would occur," said Frank Longman, managing director at Brean Capital.
The S&P 500 E-mini refers to the stock market index futures contract traded on the Chicago Mercantile Exchange's Globex electronic trading platform.