Yikes, not looking good for stocks. The S+P 500 closed right at/near key support (Feb/Mar lows), so looks like the 'moment of truth' is nearly upon us, from a TA perspective anyway. Closing at the low of the day is also bearish for tomorrow's open.
4115 (approx) is the area to watch now, which was the intraday low on Feb 24. Break that decisively and next stop could be 4000.
Alternately, the market might zig/zag around the Feb/Mar support area for a while, rally, fade, etc, until next week's Fed meeting. But investor's appetite for 'buy the dip' has likely waned, and since the Fed actually wants the stock market lower (per Dudley), there probably won't be help arriving from the PPT cavalry anytime soon.
That said, it's doubtful the Fed wants stocks down more than 20% and into an official bear market, which would really screw up their tightening plans. So over the next period of weeks/several months, that 20% level seems like the obvious target to call a likely 'bottom'. For the S+P 500 that would be approx 3840. Still early though, and a lot can happen.
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