The S&P500 suffered its worst decline since January 13. The NASDAQ’s drop was twice as sharp, ranking as the 33rd worse in the 1,276 trading days of the current expansion. The S&P500’s plunge ranks as the 119th worst since March 2009.
Today’s diagram shows the specific dates on which the S&P500 decline ranged from -1.25 percent to -1.48 percent, the latter losing ranking as the 90th worst performance. This history reveals that almost all of these days occurred when prices were bottoming out; just a few happened at market peaks.
Given the extended run-up that started last year, and the record length of this bull market, current concern is whether prices have reached their top and the history of today’s pattern surely does not substantiate apprehension.
DJIA -.96 percent
NASDAQ -2.60 percent
S&P500 -1.25 percent
