Measuring the Pullback
One hour into today’s session finds the S&P 500 index hovering just a few points above the 1200 level as weakness which began on Monday and accelerated yesterday has continued into the early stages of today.
Yesterday, in Looking for SPX Support Levels, I offered up a chartists’ perspective on how far the current pullback might extend. Today I am updating a table which has captured what I consider to be all the significant pullbacks since stocks bottomed in March 2009.
At only 1.9% peak to trough, the current pullback is not yet as significant as any of the previous dozen pullbacks. Using the table as a measuring stick, if the current selloff is able to muster enough bearish momentum to match the group mean, this would take the SPX all the way back to 1151.
Related posts:
- Looking for SPX Support Levels
- Chart of the Week: Andrews Pitchfork View of the SPX
- Chart of the Week: The Monthly SPX
- Chart of the Week: The Weekly SPX and Fibonaccis
- SPX Range-Bound Chart
- The Elusive Trading Range
- Largest Pullback Since March 2009 Rally Began
