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Eddy Elfenbein submits: Yesterday marked the fifth straight day of market losses. The market has now given back all of its gains since November 2005. Since then, the Fed has raised rates an additional 125 basis points.

Mark Anderson of Alt Energy Stocks notes that today's close could confirm a Death Cross, where the 50-day moving average falls below the 200-day moving average.

80s metal cross[On a side note, Death Cross would be a cool name for an 80s metal band.]

Update from after yesterday's close: We just barely missed a Death Cross. The 50 DMA is 1264.487. The 200 DMA 1264.325.

The 50 DMA has been higher than the 200 DMA continuously since November 2004.

Since 1950, the 50 DMA has been higher than the 200 DMA for about 68% of the time. When it's higher, the S&P 500 grows by 7.24% at an annualized rate. When it's lower, the S&P 500 grows by just 0.95% annualized.

The S&P as of yesterday's close, with the 50 and 200 DMA:

Death Cross