.
Scary is a subjective word so I don’t what you guys are thinking.
From the charts,
Touching 200-day SMA didn’t rule out that SPX/ SPY is in wave 4. Notice 126-day SMA has been a strong support.
Recalled 7 days ago…
So far only 14.6% 
retracement, norm is 23.6-38.2%. 200-day SMA is between 23.6-38.2%.