The market would simply go no-bid, again and again, with no one substantially short enough to stanch the bloodletting.
The only thing that would stop the destruction would be a panicked Fed announcing QE4, say, at the July meeting.
2138 SPX is the 1.618x fib extension upwards of the 2008 bear cycle. 2141 late next week would make a great end to all of this.
|SPX worst possible intermediate-term tape|