SP500 gapped below the 50 day MA and has done little to ease the selling. A bump higher for an hour failed 30 minutes back and SP500 is plumbing new lows. DJ30 is now at the 50 day MA. Full-fledged selling is engaged and this is getting very uncomfortable for most as ordinary pullbacks of any norm are out the door but for DJ30. It is, of course, just 30 stocks.
VIX has hit 19.30, just below the June intraday peak at 19.61. The stories on the financial stations continually looking at the index point and percentage losses, just tangentially discussing other stories. Of course they are fixated on the losses as the Dow hits 400+ downside. As soon as it hit that -400 point market the market bounced modestly. After a leg lower equaling the initial leg lower, another pause in the selling looks to have started.
SP500 -44.63, -1.54%
NASDAQ -176.73, -2.29%
DJ30 -390.16, -1.49%
NASDAQ 100 -2.37%
Jon Johnson, Chief Market Strategist
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