The S&P 500 just hit a level that could spark the next major decline, Canaccord's Tony Dwyer says (via TradingNation)
"Once you make a panic low, you typically have this relief rally," Dwyer said. "Unfortunately, the vast majority of time you go back down and test that low.
""You've already panicked, so down 34% at the low to say that it's going to get significantly worse is not the case," he added. "The time to be cautious was in January and February. We made the panic low. While we may test that low, it's not the time to get scared."
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