S&P 500 Down More Than 1% for First Time in 26 Days

Includes: IVV, SPY
by: Bespoke Investment Group

For the first time since April 11th, the S&P 500 closed down more than one percent. As shown in the chart below, this is the longest stretch since last Fall that the S&P 500 did not have a one-day decline of one percent or more.

click to enlarge

So where do we go now? The S&P 500 recently broke through a downtrend line that had been in place since the index's all-time high in October. Past resistance usually acts as future support. If so, the current sell-off should be short-lived. If support is not held, expect sentiment to take a turn for the worse in the next few days.