Equity markets fell for a 3rd day as fear of a broader spread financial system crisis grows. While the First Republic Bank chapter of the saga has come to a close, the FOMC is expected to keep rates at high levels for a sustained time and will likely cause more banks to fail. The question is how many and how soon, and the answer may not be known until regulators close the next bank down.

The S&P 500 shed more than 1.0% at the session's low and is testing support at the 4,050 level. Support at this level may be tenuous and lead to another market sell-off. If so, the following targets for support are several percentage points lower. Even if the market can sustain these levels, there is clear resistance at the 4,150 level that is keeping the market from moving higher.