S&P 500 Down More Than 1% For the First Time in 26 days

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.

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.

Subscribe to Bespoke Premium to receive more in-depth research from Bespoke.