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More on the S&P 500’s moving average (Updated)

Remember this chart from Monday? I updated it to show the farthest the Standard & Poor’s 500 Index dropped below its 365-day simple moving average during the two “close calls” marked by green arrows.
365-day moving average for S&P 500
On Monday the S&P 500 closed at 7.74% below its 365-day SMA. Yesterday it rebounded a bit, but still closed at 1172.53 — 3.37% below the Red Line of Doom™. As of right now, it’s down another 34.64 points.
Since 1995, whenever the index has closed at 4% or more below the 365-day SMA, it has experienced a major drop.
11:30 PM Update: Today’s close was 1120.76, which is almost exactly where we were after Monday’s slide. How does a nice, fat 7.64% under the SMA grab you? Unless something fundamental has changed since the 2008 crash, I think we’re going to see blood on the trading floor.
Thanks again, politicians!