FYI: The S&P 500 is down 2.99% over the first two days of October, which is the index's worst start to Q4 since 2009. In 2009 the S&P fell 3.01% over the first two days of October on concerns related to an unexpected decline in manufacturing and falling auto sales (sound familiar?). After that two-day drop, though, it went on to rally 8.77% from that point through the end of the year. Investors would certainly love a repeat of that action at this point. Below is a quick look at the S&P 500's price chart. The recent highs made in mid-September represent a pretty significant double top at this point, and yesterday's break below the 50-day moving average was a negative as well. Heading into today, it will be important for the S&P to hold the bottom of the multi-month uptrend channel that's currently in place, but it's not looking great in early trading as futures are down pre-market.
Regards,
Ted
https://www.bespokepremium.com/interactive/posts/think-big-blog/us-equity-indices-back-to-oversold
