S&P 500 Gaps Down As 50DMA Taken Out

Volume is further picking up as Financials move to the worst spot (down over 3%). ES is down 2.5% and has just taken out the 50DMA as the Dow is down over 300pts. HYG remains a significant underperformer but equities look like they are playing catch up finally to credit markets - short-term target 1166 for S&P 500 given current HY levels.

This is very clearly a broad risk-asset sell-off as AUD is now down 2% on the day and commodities are getting crushed (Gold $1690).

Chart: Bloomberg


No comments yet! Be the first to add yours.