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Friday's low-volume, rookies-manning-the-terminals jamjob has now been undone.

The S&P 500 took out last week's lows, with a breach of ~1418. We are now at weekly, monthly and 3 month lows. The August 15th closing low of 1406.70 has not been breached on a closing basis.

The trendline off of the 2003 and 2006 lows is now in danger of being penetrated -- a highly dangerous condition.

My friend Paul notes that "the current red ink will have hit 19 straight days on the S&P 500 without back-to-back up days. That's not a record, admittedly, but it's now put us into pretty rarefied stock market space."

Year-to-date returns are as follows:
Nasdaq: +5.20%
S&P500: -0.78%
Russell 2000: -6.68%
Dow Industrials: +2.25%

It's interesting that the Nazz has the strongest performance, while the S&P lags and the Russell 2000 is worst of all.

Source: S&P500 = 1 Week, 1 Month and 3 Month Lows