The chart below of the $SPX uses Fib-based Bollinger Bands. The idea is that you are on the wrong side of the trade if you are long the market when the $SPX or any other index is below these BB’s. When these BB’s start to roll, which is just now happening, it only gets worse.
I don’t see how the news can get better soon enough to prevent the $SPX from taking out 1100.00 and then the swing low from October 4th of 1074.77. But I could be totally wrong, which wouldn’t surprise me in the least.