The $SPY posted a massive $10 reversal from early morning highs yesterday. S&P500 futures touched 2700, and that figure proved to be too much to handle.
There is no doubting the ferocity of this most recent market correction. Yesterday the action had a sell first ask questions later kind of attitude. Each bounce attempt was met with even more selling. The downside during the last hour of trade had that 2008/2009 feel.
It's been a choppy week so far and the market has distanced itself from the lows of last week. Are we going to retest them? I even heard questions on Bloomberg radio yesterday evening concerning a re-test of the January lows.
What began as late day selling, afternoon swoons, as I like to call them, has morphed into something more. Buy the dip is now sell the rip, invariably the question gets asked.... has the market topped? Is that it? Is that long awaited market crash coming?
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