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New York trader: Why selling still has more to go

Traders work on the floor of the New York Stock Exchange.
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Traders work on the floor of the New York Stock Exchange.

The obvious levels to watch in S&P 500 cash are the 50-day moving average, 2040, the 100-day moving average, 2003, and the all-powerful, 200-day moving average, 1960.

The most non-consensus belief is that we test the 200-day moving average again so quickly after our October test. But I believe we are seeing a perfect storm with China growth in question, the European Union potentially losing countries, and oil crashing…taking jobs and the market with it.