A repeat performance of the bear market rally breakdown seems to be in the works now. The first downside target is 875, then I believe we could see a large sell off to around 775-800 if that level breaks. After that a retest of the lows is almost certain. The image below illustrates the pattern on a three month / one day bar chart. There may be some support at the 200 day moving average around current levels as the market is oversold. A bounce before continuing downward is not out of the question.
