“Objects in the Rear View Mirror May Appear Closer Than They Are”

Here’s a minute-by-minute chart of the S&P 500 for the last two weeks.

The vertical axis makes this move seem larger than it truly is. While the market is down, it’s not down by very much. The difference is that volatility has been so low that any break seems like a big deal.

The S&P 500 barely dipped below its 50-day moving average. We haven’t closed below the 50-DMA since August.

We lost a lot at the open, then rallied, then plunged even lower. The Dow is currently down 437 points and it could dip below 25,000. The index is currently at 25,037.88.

Bitcoin has been as low as 6,930.13 today, and I’m pretty sure it fell below the Nasdaq Composite.

Within the market, Energy and Financials stocks are down the most. Utilities and Consumer Discretionaries are down the least. Interestingly, Tech isn’t doing that poorly.

The S&P 500 Value Index is down 1.99% while the S&P 500 Growth is down 1.24%. I’m guessing the Financials are a large part of that story.

Posted by on February 5th, 2018 at 1:35 pm


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