This is a day old read. I’ll post the $SPX charts after these facts. We have breakdown looks on the weekly and monthly charts after today’s down day.
Market Watch headline: S&P 500 sees its third leg down of more than 10%. Here’s what history shows about past bear markets hitting new lows from there, according to Bespoke.
Published: Sept. 21, 2022 at 6:45 p.m. ET
The S&P 500, which hit a record high on Jan. 3, has sunk 20.5% so far this year, according to FactSet data. The index dropped 1.7% Wednesday for its largest drop since Sept. 13, the day inflation data released for August came in hotter than expected.
The S&P 500 is down more than 10% from its August high, its third such leg down in the current bear market, according to Bespoke, though it’s still above its June low.
The firm studied past bear markets during the post-World War II period that began at all-time highs and saw at least three legs down of 10% or more before the S&P 500 ultimately bottomed. Those began in January 1973, November 1980, August 1987, March 2000 and October 2007, according to Bespoke.
$SPX daily chart
$SPX weekly chart (note the trendline support breaking down this week)
$SPX monthly chart