> the s&p 500 on pace for a new closing low after finishing before the june levels joins us is chris verrone a partner of strategis, a baird company. 3636 is in the history books what's the next level to watch >> there's modest support in the 3500 neighborhood, but our view all year has been that the market is going back where it was pre-covid. that's 3200 s&p. our big issue is the market is not that oversold. right now the s&p is about 12% below its 200-day moving average. historically you need to get that close to 20%, 25% to make a big oversold call. that's what we saw in the '70 low, the '74 low, the '09 low. the top of the market here is really where the risk is look at the stocks that broke down first it was microsoft below its june low two, three weeks ago this is top-heavy. i don't think we're through it. >> is the further breakdown going to be driven bit bigger stocks in the s&p? the fundamental argument is we haven't seen the next shoe to drop when we haven't seen guidance from some of these companies. from google we haven't seen enterprise demand, for instance. what do you see in