In a sign of how severe the market beatdown has been, the S&P 500 has been trading below a key technical level for the longest stretch since the global financial crisis.
The S&P 500’s long-term trend has turned “sharply lower recently,” and the index has closed below its 200-day moving average for 110 trading sessions, the longest streak since the bear markets of 2008-2009 and 2000-2002, according to Bespoke Investment Group.
