The market opened relatively strong luring investors getting in just to toast them later afternoon. But volatility and weakness returned and the market lost another 37 points adding to yesterday’s 100 point losses.
S&P 500 is now down to 2,546 losing 37 points (-1.43%), DOW is down 23,512.49 losing another 347.97 points (-1.46%), and Nasdaq is down by 127.08(-1.88%). This is a second day of a correction deepening it to -11.13% from all time high.
We are now approaching 200 DMA which may work as a support:
A typical correction is 13% and it will take 4 weeks to recover from the correction (so the seasonal patterns say). Expect more pain in the next few weeks.
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