S&P500 Market Update

The S&P downgrade of Greece and Portugal’s debt ratings whacked U.S. equities yesterday.

Lowry’s notes that the major market averages experienced their worst decline since Feb. 4th, with yesterday qualifying as a 90% Downside Day on the NYSE (94.5% of total Up/Down Volume).

The decline brought both indices to a test near term support.


SPX DrawDowns Since Prior High

Chart courtesy of Bianco Research


SPX Still in Up Channel

Chart courtesy of Fusion Analytics

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