Market handicappers see another 5% to 8% downside if key level for the S&P 500 fails

Traders on the floor of the NYSE, May 6, 2022.
Source: NYSE

Four months into a hazardous market retrenchment marked by trap-door declines, thwarted rallies, squeezed financial conditions and unhappy endings for many dozens of "story stocks," investor attention has turned decisively toward quantifying the risk rather than projecting quick reward.