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This Would've Been S&P 500's Worst Two-Day Drop in All of 2017

  • Stocks end February with losses as breadth falls apart again
  • Another issue for bulls: volume keeps rising in down markets
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Jonathan Krinsky, chief market technician at MKM, breaks down some charts on the S&P 500.(Source: Bloomberg)

It’s testament to how rough stocks had it in February that the last two days, a stretch that would’ve qualified as the worst selloff in all of 2017, barely shows up in a monthly graph.

Not that it wasn’t painful. The S&P 500 Index slid 2.4 percent over Tuesday and Wednesday to cap the biggest monthly retreat since January 2016, as concerns about Federal Reserve policy brought out sellers and briefly pushed the Cboe Volatility Index back above 20. Breadth, a concern even as stocks rallied nine of 11 days starting Feb. 9, evaporated Wednesday, with only 15 percent of the S&P 500 managing gains.