Friday’s low-volume, rookies-manning-the-terminals jamjob has now been undone.
The S&P 500 took out last week’s lows, with a breach of ~1418. We are now at weekly, monthly and 3 month lows. The August 15th closing low of 1406.70 has not been breached on a closing basis.
off of the 2003 and 2006 lows is now in danger of being penetrated — a highly dangerous condition.
My friend Paul notes that "the current red ink will have hit 19 straight days on the
S&P 500 without back-to-back up days. That’s not a record, admittedly, but
it’s now put us into pretty rarefied stock market space."
Year-to-date returns are as follows:
Russell 2000: -6.68%
Dow Industrials: +2.25%
Its interesting that the Nazz has the strongest performance, while the S&P lags and the Russell 2000 is worst of all.