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“Control your own destiny or someone else will.” – Jack Welch
Futures were briefly in the green at the open last night, but that positive tone didn’t last long. Futures are not only in the red, but the pace of the decline has been picking up steam with S&P 500 futures down 1% and the Nasdaq down about 1.5%. There were a number of times in the last year when it felt like the market could do nothing but go up. Now you know how it feels the other way around.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.
How steep of a drop for the Nasdaq has it been over the last several days? The chart below measures the Nasdaq’s spread versus its 50-day moving average (measured in standard deviations) on a daily basis going back to 2009. As of Friday’s close, the Nasdaq was 3.3 standard deviations below its 50-day moving average which represents the most oversold level since the second half of March 2020 during COVID crash, and since the end of the Financial Crisis in 2009, there have only been a handful of other times that the spread was wider than it is now. We covered more on this topic in today’s Chart of the Day, which will be emailed out shortly.
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