That is how much the S&P 500 is down off recent multi-year highs at 1474, printed two weeks ago. And yet, judging by sentiment on your local Twitter stream, we are on the cusp of a 2008-style plunge.
As usual, cooler, more objective heads are likely to prevail.
More on my video market recap after the bell…
bearsih engulfer candle make you nervous at all?
Not after nearly two weeks drifting lower. If anything, it is a wash-out bottom signal. Placement matters.
To be fair, many bears aren’t forecasting an ’08 crash, just a real correction via price. Also, the price of the Qs are below the 9/13 highs and closing in on that day’s lows, pre-QE3.
The last point you make is not a bearish event on its face at al. Also, the point of my observation is that bearish/cautious sentiment is notably high. I’m not interested in arguing over semantics.
50% retracement from 9/06 (Jackson Hole) and 61.8% retracment from 140 on the SPY (bottom of handle from recement cup and handle). Nice technical set up for long entries to re-test highs of 147.5 on the SPY.
I agree.
Further, volume was lower than FED announcement day and Jackson Hole day and no where near as high as volume during peak of the May sell off. Biggest down move in weeks absent high volume is more indicative of a small pull back than the start of a larger drop.
Well said. Commodities not exactly at “world’s end”