Tag: Correction

Dow slides over 800 points, while S&P 500 veers close to correction territory

U.S. stocks fell sharply on Monday amid concerns about the COVID-19 trajectory in Europe, as news reports allege major global banks continued doing business with customers suspected of wrongdoing, and a lack of progress toward another round of fiscal stimulus out of Washington.

What are major benchmarks doing?

The Dow Jones Industrial Average
US:DJIA
fell 822.57 points, or 3%, to 26,827. The Nasdaq Composite
US:COMP
shed 174 points, or 1.6%, to 10,620. The S&P 500
US:SPX
slipped 73 points, or 2.2%, to 3,245. If the broad-market index finishes below 3,222.76, it would enter correction territory, defined as a 10% drop from its recent peak.

Major U.S. benchmarks have suffered three consecutive weekly losses. The Dow fell 244.56 points Friday, or 0.9%, to end at 27,657.42, dragging the blue-chip gauge to a 0.03% weekly decline. The S&P 500 and the tech-heavy Nasdaq Composite both booked weekly losses of 0.6%.

The small-cap

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Weekly S&P 500 ChartStorm – The Correction Continues

Those that follow my personal account on Twitter will be familiar with my weekly S&P 500 #ChartStorm in which I pick out 10 charts on the S&P 500 to tweet. Typically I’ll pick a couple of themes to explore with the charts, but sometimes it’s just a selection of charts that will add to your perspective and help inform your own view – whether it’s bearish, bullish, or something else!

The purpose of this note is to add some extra context and color. It’s worth noting that the aim of the #ChartStorm isn’t necessarily to arrive at a certain view but to highlight charts and themes worth paying attention to. But inevitably if you keep an eye on the charts they tend to help tell the story, as you will see below.

So here’s another S&P 500 #ChartStorm write-up!!

1. Key levels and triggers: September has not disappointed. Volatility kicked

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