S&P 500 gives up 3.5% gain
At the high of the day, which was moments after the open, the S&P 500 was up 3.5%. It gave most of that up early then bounced to retest the highs at midday before a swoon lower led by the crash in oil prices.
I'll take Bloomberg's Luke Kawa at his word on this one:
The intraday chart isn't pretty with the high coming on the opening trade and the low coming at the close:
The daily chart shows the big break above the 38.2% retracement yesterday and somewhat of a test of the 50% retracement early only to see it all given back.
The daily chart leaves something like this, but if you draw it on the futures it look more like a gravestone doji. Either way, it sets up an interesting day tomorrow. I can only speak for myself but I've been amazed at the shifts in my own feelings from bearish to bullish and back again. It's the same thing in markets. I don't think anyone is married to either side and it's easy to get swept away.
The other US indexes were also lower:
- DJIA -0.1%
- Nasdaq -0.3%
