After falling just short of a higher high on Monday, the S&P 500 fell over 1% today to close below yesterday’s low. As we pointed out yesterday, the index still had some work to do on the upside before breaking its various downtrends and is going to have to wait at least another day before that happens. While all is certainly not lost, today’s action is not the type of action that instills optimism on the part of bulls.
Meanwhile, in terms of individual stocks, shares of JP Morgan Chase (JPM) fell over 4% today and closed at $55.95. While Jamie Dimon’s purchase of $25 million in stock less than two weeks ago has been cited as a primary catalyst for the rally off the February lows, the stock is currently trading back down to levels it opened at the day after news of the stock purchase hit the wires.