S&P Bank Index: Down another 14.36 % Today

With the Bank Index in it's death spiral it's rapidly approaching the 423.6% fibonacci target... and it's getting closer to zero.

Normally a 14% drop in any index would be a big deal, but at this point it's just another day at the office.

The chart is not giving me any indications yet that the death spiral is slowing.

Maybe the 423% fib is the support target it's looking for and we might get a bounce?

The next support level I see below the fib would be a bounce off ZERO.

S&P Banking Index Weekly Chart: