US stocks plunged deeply at open and hit the first circuit breaker immediately, halting trading of 15 minutes. There is no clear sign of any recovery after second open yet, with DOW currently down around -10%. We’d maintain DOW is close to a long term fibonacci support level of 38.2% retracement of 6469.96 to 29568.57 at 20744.89. And a rebound should be due.
However, sustained break of 20744.89 could trigger another round of position squaring. Decline could accelerate further to 61.8% retracement at 15293.62.
