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S&P Futures Slide Under 1800; 50 DMA Support Breached; Taper "Gains" Gone For Most

Tyler Durden's picture


S&P 500 futures just crossed below 1,800 - its lowest since the FOMC's taper announcement on December 18th. The cash S&P 500 (and small cap S&P 600) have crossed below their crucial 50-day-moving average (with no sign of dip-buyers yet). This is the biggest drop through that historically critical technical support level since early October. Perhaps more notably, most of the go-go sectors that were heralded by all the talking head momo queens on mainstream media as leading the next leg of stock gains have seen their post-Taper gains gone. From Builders to Banks and Industrials, taper-gains are now a dim and distant memory.


Post-Taper gains collapsing across sectors...


and Indices...


S&P futures slide under 1800 back to taper levels and the furthest below the 50DMA since early October


and all major indices now notably in the red for the year...

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Fri, 01/24/2014 - 12:26 | 4362899 TeamDepends
TeamDepends's picture

Ladies and gentlemen please fasten your seatbelts as, oh shit....

Fri, 01/24/2014 - 12:30 | 4362916 PartysOver
PartysOver's picture

Nah, just the Big Dogs causing a little diaper rash.  Queen PrintsALot will arrive in a fe days with the cure.

Fri, 01/24/2014 - 12:31 | 4362931 Say What Again
Say What Again's picture

How will I know when the "dip" has hit the bottom?

Fri, 01/24/2014 - 12:36 | 4362971 LawsofPhysics
LawsofPhysics's picture

When the local authorities show up to escort you to the FEMA camp.

hedge accordingly.

Fri, 01/24/2014 - 12:41 | 4363000 Say What Again
Say What Again's picture

I'm sure that the sell-off is Jamie Dimon's fault.

Fri, 01/24/2014 - 13:59 | 4363355 El Oregonian
El Oregonian's picture

GITMO? I'm sorry I thought you said I was going to GET MO'!

Fri, 01/24/2014 - 15:16 | 4363715 Rick Blaine
Rick Blaine's picture

This is nothing.

It'll have my attention if the Dow drops below 15K...

...and things won't really get really interesting unless it drops another thousand or so after that.

...and even then, my "oh shit" line, is probably at like 12K.

Fri, 01/24/2014 - 12:43 | 4363021 Bearwagon
Bearwagon's picture

When local authorities show up, it won't be to escort you To FEMA camp, since you would have failed to show up there all by yourself, when you were notified of that duty. Wherever they escort you, they plan on doing it feets at the head.

Fri, 01/24/2014 - 13:54 | 4363329 CheapBastard
CheapBastard's picture

House prices will tumble next, I'm afraid....ZIRP or no ZIRP...they are one of the few remaining Bubbles left. ZH already reported how C RE is sinking....residential next.

Fri, 01/24/2014 - 12:38 | 4362976 Herd Redirectio...
Herd Redirection Committee's picture

Hey, did you guys know that water flowing in a straight line will tend, over time, to form a sine wave?  Or, in stock market terms, you got to give the shorts a small reason to be excited, every now and again.

This is just a short period of USD strength, as every other CB takes their turn devaluing, before its Fischer and Yellens turn, once more.

Fri, 01/24/2014 - 12:38 | 4362982 new game
new game's picture

your broker calls gwito to visit ya for the margin call.

Fri, 01/24/2014 - 14:01 | 4363345 El Oregonian
El Oregonian's picture

The markets are crying like the Wicked Witch of the West "Oh-h-h I'm melting!".

Fri, 01/24/2014 - 14:08 | 4363401 AngelEyes00
AngelEyes00's picture

Or maybe they're saying, "How could a little taper like you destroy my beautiful wickedness."

Fri, 01/24/2014 - 12:41 | 4362998 SAT 800
SAT 800's picture

Why are you asking? Surely you're not foolish enough to be considering buying into a failing market? The actual answer to your question is, you will not know; and neither will I. When I'm satisfied that I've ripped the market a new asshole and have a big profit on my short position then I'll take my profits; I don't care if it's the real bottom or not. Why should I?

Fri, 01/24/2014 - 12:53 | 4363075 fonzannoon
fonzannoon's picture

 "Surely you're not foolish enough to be considering buying into a failing market?"

Shirley you can't be serious. Please tell me you are not serious.

Fri, 01/24/2014 - 13:09 | 4363156 StandardDeviant
StandardDeviant's picture

Stop calling me "Shirley".

Fri, 01/24/2014 - 14:56 | 4363558 TheRideNeverEnds
TheRideNeverEnds's picture

The market will short term bottom around here at a small cyclical low period then retrace 50% maybe 61.8%  back up towards the highs at which point it will fall right out of bed on eve of 2-14 / morning of 2-15 with down pressure of the long term cycle, next stop the 1650 area.


At least according to my extensive analysis.    

Fri, 01/24/2014 - 12:47 | 4363031 Spanky
Spanky's picture

How will I know when the "dip" has hit the bottom? -- Say What Again

When the clatter of Fed printing presses gets louder...

Fri, 01/24/2014 - 12:54 | 4363091 Ness.
Ness.'s picture

How will I know when the "dip" has hit the bottom?


Whenever ZH posts a story about falling equity markets - Buy THAT fucking dip.  Works every time.

Fri, 01/24/2014 - 13:55 | 4363333 James_Cole
James_Cole's picture

I'd tend to agree. Shorting these markets is a good way to get your face torn off.

Fri, 01/24/2014 - 12:30 | 4362919 DeadFred
DeadFred's picture

Doesn't the SEC just DQ days like this? We love the deer!!

Fri, 01/24/2014 - 12:40 | 4362986 max2205
max2205's picture

I doubt the Fed would let it crash cause rates are getting back to where they want them...but indexes are still technically way above overbought.....could be epic if they want to crush rates

Fri, 01/24/2014 - 12:47 | 4363048 SAT 800
SAT 800's picture

IF they want to crush rates? The one thing that could cause THEIR blood to run in the street, rates? IF they want to crush rates? What do you mean IF?

Fri, 01/24/2014 - 12:30 | 4362920 camaro68ss
camaro68ss's picture

Burn Mother Fuckers BURN.

Todays Forcast in New York,  Slight chance of Raining Bankers

Fri, 01/24/2014 - 12:35 | 4362953 new game
new game's picture

long banker proof unbrellas, you know, the kevlar type!

Fri, 01/24/2014 - 12:36 | 4362963 Bangin7GramRocks
Bangin7GramRocks's picture

Just a blip. No control can be lost when the Fed has total control already. There will be an epic rally next week when Bezos announces some new magical way for him to sell shit at a loss. Make book on it missy!

Fri, 01/24/2014 - 15:30 | 4363763 Wait What
Wait What's picture

i think this seems more appropriate than 'burn..."


Fri, 01/24/2014 - 13:55 | 4363332 AngelEyes00
AngelEyes00's picture

Let me guess.  Taper will have to be discontinued going back to full QE of 85 billion a month in a few weeks so the stock bubble is not lost. 

Fri, 01/24/2014 - 15:43 | 4363828 JP McManus
JP McManus's picture

Might as well make it 125B

Fri, 01/24/2014 - 12:26 | 4362903 buzzsaw99
buzzsaw99's picture

historic. this is the biggest crash the new e-trade baby has ever seen

Fri, 01/24/2014 - 12:41 | 4363003 pods
pods's picture

Next eTrade baby ad:

"It can go down?"

Fri, 01/24/2014 - 15:32 | 4363771 Wait What
Wait What's picture

e-trade baby loses everything... "i wanna take it back! i wanna take it back!!"


Fri, 01/24/2014 - 12:46 | 4363036 eclectic syncretist
eclectic syncretist's picture

Exactly!  This is nothing.  TPTB already have the obligatory scapegoat lined up front and center in the public eye too.  Emerging markets.  With that done it's let er' rip to the downside.  When SPY volume hits ~500,000,000 or more then we might get a washout bounce on this trip down, but we're nowhere near that yet.  Easy money for the smart/brave.

Fri, 01/24/2014 - 12:27 | 4362904 Dr. Engali
Dr. Engali's picture

Maybe the job of hitting CTL-P has old Yeller confused.

Fri, 01/24/2014 - 12:30 | 4362927 Bosch
Bosch's picture

She is a woman afterall. 

Fri, 01/24/2014 - 12:31 | 4362933 camaro68ss
camaro68ss's picture

Get back in the kitchen and make me a samitch!

Fri, 01/24/2014 - 12:38 | 4362972 Hippocratic Oaf
Hippocratic Oaf's picture

My wife wanted a new watch for her birthday......I told her there was one on the stove.

Fri, 01/24/2014 - 12:38 | 4362981 dcohen
dcohen's picture


Fri, 01/24/2014 - 12:43 | 4363009 Central Wanker
Central Wanker's picture

No, you didn't.

Fri, 01/24/2014 - 13:31 | 4363241 Chief KnocAHoma
Chief KnocAHoma's picture

Since we are telling sexist jokes:

Q: Why was Helen Keller a bad driver? 

A: Becasue she was a woman.

Fri, 01/24/2014 - 12:35 | 4362958 Dr. Engali
Dr. Engali's picture

Are you sure about that?

Fri, 01/24/2014 - 12:28 | 4362905 Bearwagon
Bearwagon's picture

Now seems to be the time that separates the boys from the men. Remain calm, people!

Fri, 01/24/2014 - 12:42 | 4363012 CrimsonAvenger
CrimsonAvenger's picture

When it comes to Wall Street, the only thing that separates the men from the boys is a crowbar.

Fri, 01/24/2014 - 12:29 | 4362908 MrVincent
MrVincent's picture

Another 5% on the downside and the money drops from heli-ben or heli-janet will commence. Pathetic! We should have taken our medicine in 2008.

Fri, 01/24/2014 - 12:42 | 4363011 camaro68ss
camaro68ss's picture

Eat your peas bitchez

Fri, 01/24/2014 - 12:29 | 4362915 Winston Churchill
Winston Churchill's picture

It can't be.

 A Cash for Trash (POMO)day ,and stocks still go down.

Oh ,the humanity of it all.

Fri, 01/24/2014 - 12:30 | 4362918 new game
new game's picture

the caffine has worn off and post down draft exuberence has been replaced with "have a nice day fucker, hope you lost your ass" attitude...

Fri, 01/24/2014 - 12:30 | 4362922 101 years and c...
101 years and counting's picture

dont worry. fomc next week will fix it all.  the stupid twat will come out holding ben's hand as they promise no one should ever have to bear a 3% "market" correction.

Fri, 01/24/2014 - 12:39 | 4362983 Say What Again
Say What Again's picture

Picture this -- What if she comes out holding something else in her hand?

Fri, 01/24/2014 - 12:31 | 4362935 papaswamp
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