by Bespoke Investment Group
As shown in the chart below, for the fourth time in as many days, the S&P 500 closed today down more than 1% from its intraday high. Just a week after one of the broadest equity market rallies in decades, sentiment has shifted on a dime, and investors are taking the term 'sell into rallies' to a new level.
Earlier this evening, we sent out a report to clients where we looked at prior periods where the S&P 500 saw similar intraday sell-offs, and then we analyzed the index's performance in the days and weeks following such occurrences.
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