S&P 500 --"People Are Scared to Death"
"People are scared to death," said Bill Stone, chief investment strategist for PNC Wealth Management....
Are we capitulating?
So far it has been three steps down. Last August was 23.6%, then after the phony rally of October, we had a low in March at 38.2%. Then today we hit 50%.
Shown in greater detail on weekly chart.
Of course, if this 50% level doesn't hold, we have a rather long way down to the next level of support. Another 100 S&P points or so.
UPDATE AT MARKET CLOSE--4:00 PM
Not good. After bouncing off that 50 % fibonacci level around 1:30 PM or so, and then trading up 30 points, the last hour saw a steady renewal of selling, a new low at 1155.9, and a close near enough to say we closed at the low of the day (1156.2).