The S&P 500 has hit a crucial threshold that could mean sharp losses are coming (SPY)

The S&P 500 has hit a critical technical threshold that suggests sharp losses could be imminent.
Traders are keeping an eye on the 61.8% Fibonacci retracement level of the recent coronavirus-induced market sell-off, which is 2,933 on the S&P 500.
On Thursday, the S&P opened at 2,930 and has since sold off more than 1%.
The market is approaching this key resistance level as "sell in May and go away" looms right around the corner.
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