Barry Ritholtz, Columnist

Friday Was a 90/90 Day and What It Means

When more than 90 percent of of the prices and trading volume is down, the market is in clear retreat.

January 28, 2014 at 1:15 PM UTC

Barry Ritholtz is a former Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”

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Last week ended on quite the down note. Friday's big selloff saw the Dow Jones Industrial Average drop 2 percent, or 318.2 points. The Standard & Poor's 500 Index fell 2.1 percent (38.2 points), while Nasdaq Composite Index declined 2.2 percent (90.7 points).

The technically significant issue was that Friday was a 90/90 day -- more than 90 percent of the volume (94 percent) and of the points (97 percent) was down.