Looking at the "big picture" with a quarterly interval, it appears that the MACD
(12,26) is rolling over and going to cross below the Signal(9) line for only the third time in the last 20 years. The prior two occasions were the start of the 2001 and 2008 crashes. Deep pullbacks to 1300 or even 900 do not seem unrealistic looking at trendline
support through previous lows.