All Sectors Down
Today ALL 31 Industry Groups were down. The worst was Metals and Mining, down 5.07% and the “best” was Consumer Non-Durables, down 2.7%.
Here is what the S&P 500 looks like where:
Red = All 31 Industry Groups finished negative
Green = Less than 10% of Industry Groups finished negative i.e. 90% of industry groups were higher, i.e. <=3 sectors out of 31 were lower.
Purple = All 31 Industry Groups Finished Higher
Short term: (2x click images for larger view)
Weekly View:
Conclusion:
Using the recent past as a guide and judging visually, it looks like that when everything is down, there is bar or two of “rest” before more losses, or an outright reversal. The same seems to be true in reverse when every single group is higher (purple bar). The reversals higher after an all sectors down day ony seem to come when the market is trending higher.
The market is broken.
Nice charts, thanks.
Thanks for data/charts, Danny. Much appreciated.
I’m thinking that tomorrow people will take a break from the panic and we’ll be flat.
Next week will decide if we see The Fly curse anytime soon.
So really, exactly what you said.
Every soul on the planet is expecting a bounce tomorrow. Costanza says we go down big, odd no?
Good stuff D.
From OEW: Think IBCers are all in agreement on this…
>> After the SPX ran into resistance at the 1316 pivot in early August, when posting the 1313 uptrend high. It tried to break lower, and resume the bear market on two occassions. Both of these times it held support at the 1261 pivot, failing to confirm the break. Two rallies followed, the latest to 1303 early tuesday morning. At this point it appears that this was a C wave failure, similar to the C wave failure in February, as noted yesterday in the comments section. With today’s break of the 1261 pivot, new downtrend confirmations are appearing in many of the indices we follow: SPX/DOW/NDX/NAZ, etc. The next leg down in this bear market is underway. <<
Topper - haha that would be fun, I’m game for it