US Equity Indices in Review: Buy-the-Dip Fails
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Today's action was not pretty, unless you were a bear. Here are a few charts to consider.
Dow 10-Minute
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In the first 10 minutes, the Dow fell 1,089 points. By 1:00, the Dow regained 990.88 points, but closed down 588.47 points, -3.57%.
S&P 500 10-Minute
In the first 10 minutes, the S&P 500 fell 103.88 points. By early afternoon, the S&P 500 regained 87.08 points, but closed down 77.68 points, -3.94%.
Russell 2000 10-Minute
In the first 30 minutes, the Russell 2000 small-cap index fell 50.86 points. By early afternoon, the Russell regained 42.65 points, but closed down 45.10 points, -3.90%.
Nasdaq 100 10-Minute
In the first 10 minutes, the Nasdaq 100 index fell 410.04 points. By early afternoon, the Nasdaq was amazing in the green, but closed down 158.67 points, -3.78%.
Low vs. Close
- Nasdaq 100 Low: -9.77%
- Nasdaq 100 Close: -3.78%
- Dow Low: -6.62%
- Dow Close: -3.57%
- S&P 500 Low: -5.27%
- S&P 500 Close: -3.94%
- Russell Low: -4.40%
- Russell Close: -3.90%
Those who bought any dip last week were in for a rude awakening this morning.
Mike "Mish" Shedlock
