Don't Buy the Dip Just Yet

SPX

I know #SPX looks quite intriguing, but I would most defiantly hold! We have a growing virus and you telling me that there is not going to be a ripple effect. Chinese markets already down 10% and USA companies holding business operations! We can also determine a loss with technical analysis, hitting a key indicator using the Fibonacci Retracement and extension as illustrated in the image. Also blowing past the 20 EMA and near the 40 EMA I see a 10% correction as seen in the Chinese markets.