The S&P 500 could fall another 5% and test a critical support level that has previously marked the bottom, Bank of America says

• The S&P 500 could fall another 5% to test a critical support level, according to Bank of America.
• BofA's Michael Hartnett highlighted the S&P 500's 200-week moving average as a key line in the sand.
• It has marked the bottom for stocks in 2022, 2018, 2016, and 2011.

The S&P 500's 10% decline since the end of July is putting the index within striking distance of a critical technical support level, according to Bank of America.