Market Lab Report - Premarket Pulse 8/21/15
|Published:||21 Aug 2015 14:31 ET|
Major averages tanked on higher volume. As of yesterday's close, the S&P 500 is now 4.6% off its high making it the second largest pullback all year in this trendless market. Still, the NASDAQ pullback of 6.8% is the largest pullback it has had this year. Whether this devolves into a correction of at least 10% remains to be seen. If so, October 2014 was the last time the NASDAQ had such a correction, and June 2012 was the last time the S&P 500 had such a correction. The market could find a floor as it has done many times in this QE environment when things looked the worst, but this time could very well be different since the market has shown considerable exhaustion all year, with fewer and fewer stocks leading the way.
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