Friday, January 29, 2010

SPX Pullback Now Second Largest Since March 2009

With today’s continued drop in the SPX (low of 1073.18 with 45 minutes left in the session), the index has now fallen 75 points from peak to trough. This is the second largest pullback in terms of points and percentage retracement since the March 2009 rally began.

The chart below updates the numbers for all eleven significant pullbacks in the last ten months.

Keep in mind that to match the 9.1% pullback of June-July 2009, the SPX would need to fall to 1045. The way the market is reacting negatively to what appears to be positive news, 1045 certainly cannot be ruled out.

Disclosures: none

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