This is the level to watch in the S&P 500 as stocks touch bear-market territory

ended trading about 5% lower, just short of a bear market, which is defined as a 20% drop from recent highs.

"What I mean by that is, if you look at the lows you'd seen in December of '18 to the highs we put in only about two weeks ago, you've seen these sell-offs really obey Fibonacci retracement levels," the senior technical research analyst at Piper Sandler said Wednesday on CNBC'sFibonacci retracement levels are widely used in technical analysis to find potential areas of support or resistance in stocks and indexes.

On Wednesday, the S&P ended trading at 2,741.38 with a nearly 5% loss for the day, but Johnson warned there could be more weakness in store.

TradingNation Stop watching technical levels. They mean NOTHING right now. get_a_clue

TradingNation 😂

TradingNation Forget about correction... forget about bear ... this is crisis ...Walt and see

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