Indices Barely Down, Stocks Murdered
The SP500 went 109 days without a negative -1% close; we ended the day down -1.24%. Now, -1.24% does not seem like a lot. However, individual stocks were murdered today. 526 stocks were down -4% or more today, the highest number since 9/9/2016. Spikes in stocks down -4% or more usually lead to a short-term bounce, but then it is typically followed by a lower low on the indices days later.
We also had 1,121 new 1-month lows, 558 3-month lows, and 572 new year-to-date lows. The measly -1.24% loss in the SP500 doesn’t tell you a quarter of the story.
This is how the SP500 sectors fared today;
Frank Zorrilla, Registered Advisor In New York. If you need a second opinion, suggestions, and or feedback in regards to the market feel free to reach me at email@example.com or 646-480-7463.
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