The August sell-off has the market testing some key levels. Here's a breakdown

The August sell-off has stocks testing some key technical levels, spurring investors to watch where equities will go next. The Dow Jones Industrial Average and S & P 500 broke below their 50-day moving averages last week , a sign that the technical backdrop for stocks has worsened since the start of August.

's Jonathan Krinsky said 4,200 could provide "meaningful support" for the S & P 500 and represent a logical spot for a bounce. However, he suspects any move higher will face pressure. "Medium term ... we see further downside as weekly momentum remains negative and there is little in the way of meaningful support until ~4200 for the SPX and 318-320 for the [Nasdaq-100]. That would represent ~8.

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