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As we posted before the open, whether the S&P 500 was able to hold above its downtrend line was going to be key to how the index trades going forward. Based on the trading today, it doesn't look good. As shown below, after a nice five-day rally, the index tanked 8.92% today and gave up 55% of its gains off the low.
At -8.92%, today's decline is the second worst in 2008, which is pretty darn bad.
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Curiously enough, the top two worst days of '08 ... and eight out of ten ... have occurred since relative strength bottomed on 10/10 and started trending higher (this while only nominal new lows were being set in major indexes). Might the preponderance of awful trading days occurring nearer '08 lows be having the effect of shaking out shares from weak hands into strong?
Posted by: Tom Chechatka | December 03, 2008 at 12:13 AM