Bloomberg summed it up this way: “U.S. stocks fell for an eighth straight day, yesterday, with the Dow Jones Industrial Average capping its worst week since 1914. The MSCI World Index of equities in 23 developed countries slid 20 percent this week, the most since records began in 1970.”Run an RSI chart for the S&P back to 1928. Note where we are.
The S&P gave up almost all of it's 02-03 gains.
All 30 DOW components are below their 200 DMA. That happened once before, 1987.
Investor cash is above the 21 year mean and are the highest since 02, 98, 90.
Last week saw three 90% down days. That can't continue for long...
% of NYSE stocks trading over 200DMA is at multi year lows.
Cost of an ounce of gold is now greater than the S&P.
Extreme VIX. These extremes historically lead to rallies.
S&P down 47% YOY, Trannies 38%, historically suggesting upside
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