Dow Opens Down Over 700 Points From Highs, Breaks Key Technical Support

Tyler Durden's picture

VIX topped 15 overnight - the highest since Nov 14th - and US equity futures slipped lower into the cash open. The Dow is opening at 20,450 - down over 700 points from the record highs at the start of March - and heading for the longest losing streak since 2011.

The Dow is opening at around 20,450, down over 700 points from record highs on March 1st at 21,169...

 

This is the first break below the 50-day moving average for The Dow since September...

 

The Dow is now down 8 days in a row, a streak that was last beaten in 1978...

 

But it's not just The Dow; Trannies and Small Caps are the worst performers off the post-Trump-address-to-Congress spike to record highs...

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Impoverished Psychologist's picture

They will crash the market and blame Trump, anyone who didn't price this in needs a slap.

CheapBastard's picture

Wait until the housing market corrects. I'm guessing 40% down since many locations (mostly on the West and East Coasts) are still over 300% up such as my old house.....still up over 380%.

Flyover country never shot up that much so the pain will be felt mainly along the coasts.

Mr.Sono's picture

Good excuse to audit the Fed if they crash the market on Trump.

 

tc06rtw's picture

   
 “…  the first break below the 50-day moving average
           for The Dow since September…”

   
   
     That was back when they were throwin’
        Hillary’s corpse  into that black minivan.

   
   

Heavy's picture

debt money is slavery, probably ought to end the fed

Carpe Tutti Bastardi's picture

NO ONE, I repeat, NO ONE will be audited. Not now, not ever..... as long as we have

the corrupt 'money managers' running the ?Country?

Darktarra's picture

Well its buying time if you are into paper ... myselg, I love Au and Ag for the long haul! 

Hammer823's picture

Will be buying the dip today, just like every day the market drops.

https://www.instagram.com/the_rigged_street_journal/

brushhog's picture

The dow is down 150 points right now, not 700.

Uncertain T's picture

From the high.... sheeesh

shizzledizzle's picture

Down 200 points at open and (someone(s)) are buying hysterically... Happens all the time right? 

Son of Captain Nemo's picture

PULL THE PLUG!... PULL THE PLUG!!.... PULL THE PLUG!!!....

Carpe Tutti Bastardi's picture

"Got Gold?"

Forget Gold.....see how quickly and fiercely the 'money managers' dropped it back down.

Talk about 'not too subtle' manipulation. Happens every time recently.

Fake Trump's picture

Trump screwed the bulls with his bullshits. Beware the IIdesof March. 

Seasmoke's picture

Green by 353PM. 

DavidJ's picture

BTFD! BTFD! BTFD! BTFD!BTFD!

LawsofPhysics's picture

...and only the bankers and financiers will be allowed to profit from this drop...

moral hazard on a scale the world has never seen motherfuckers!!!

Chipped ham's picture

Quick.  Put up the Bat Signal.

Bam! Pow! Ooof!

PPT right in time.

BandGap's picture

Ever go to a party in college that was really lame? Hang out for half and hour, have a beer or two and agree with friends it is time to move on? And when the person who is throwing the lame party finds out and begs you and your friends to stay because, at any moment, girls will show up and it will get hopping?

The market today.

Ricki13th's picture

Despite the hysteria headline I think the limit down is 240. I will happily eat crow if it bust through that at close. Remember to BTFD! 

Fake Trump's picture

BUY THE BULLSHIT SELL THE REALITY.

Fake Trump's picture

Trump. "The market is going to crash... Find me  a scapegoat...the bigger the better".

Bannon. " No problems. There is a big and fat one at the FED".

flea's picture

To which Munchin says "nothing to see here ... move along"

man from glad's picture

So it pulls back to 20K, Joe and Susy investor BTFD and it's back to the races  - what's the big deal ?

adr's picture

Remember, you are living in a fantasy land. A pretty paint job on a crumbling building. The flipper paradise with rotting studs.

He's dead, Jim.

The functional economy is dead, only increasing debt allows the purchase of goods. Look at the incentives on new vehicles just to keep the sales illusion alive. 72 months zero interest with $5000 cash on the hood on a $24k car. I thought my 60 month zero interest $19,500 out the door on a new Accord was a good deal three years ago.

The Jews have spoken and unless they can make money off buying and selling stock in your company, you don't deserve to exist. I came to the conclusion a long time ago that advertising doesn't exist to sell product, but to sell stock. Look at Domino's Pizza. You think those ads sold more pizza? Hell no, it was to pump the stock of the company to 40X earnings while sales stagnated. Dick's Sporting Goods, doesn't exist to sell product to customers, barely enough moves each day to keep the lights on. Which is why the stores only ever have one register staffed and three employees in the store. Ed Stack stuffs the stores to the gills with publicly traded inventory so he can make millions off trading Nike and Under Armour stock. His favorite thing to do is find a company that is about to go public and stuff millions of dollars in his pitiful stores. The have a blowout quarter and Stack sells the company stock for a boatload, then he dumps the inventory and the company folds. Did you ever see the amount of GoPro in Dick's before the IPO? Go see the GoPro stand at Dick's now.

I've never seen hopelessness in the real industry the way I do now. Retailers are closing up shop left and right. Amazon can't employ the millions of people out of work, and even if they did they only pay minimum wage. My uncle made $60k as a manager of a chain store that went bankrupt. There isn't anything left where he can make that kind of money. He'll have to make minimum wage at Home Depot.

The future is 100 million Americans making $15 an hour and a Dow Jones average at 100,000 points.

NugginFuts's picture

"A receding tide sinks all ships"?

CNONC's picture

Having never shopped at Dick's, I wouldn't know.  That's a hell of an observation you made there, and i will be checking it out.  Thanks.

man from glad's picture

The big question is when does the big meltdown occur? BTW I stopped going to Dick's Sporting Goods when they went PC on gun control after Sandy Hook. How can they be a "sporting goods" store and have that kind of attitude to the shooting sports?

Erwin643's picture

Fine by me. I missed the overbought reading on SVXY on its weekly chart, and just rode out the correction. Now up 2nd day in a row, after hitting technically predictable bottoms (50-line on RSI-daily and peak on VIX's Full Stochastics chart).

OK, maybe the FED is bad and evil, the printed money is as worthless as the companies, etc.,etc., but making money is making money.

The rally is resuming.

Rocket De Stock's picture

Forex Kong has had this SO RIGHT for weeks!

USD set to take a small bounce here then.....much further downside to folllow.

https://forexkong.com/2017/03/27/usd-and-gold-update-big-trades-on-deck/

Jungle Jim's picture

At least four years too late to save me or anything I care about. Still, it's nice to see it fall.

https://www.youtube.com/watch?v=6vry0ijbJVE

Jungle Jim's picture

I spoke too soon. They sure batted the metals back down fast today. I keep underestimating them long after I should know better.