How bad was Friday’s close?

My pal Jon Krinksy at MKM Partners put out a note this morning assessing the technical damage that was done to the market last week. He notes that the uptrend from 2011 for the SPX is still intact, but he doesn’t believe we’ve seen the lows for the current sell-off just yet. 1750 strikes him as more likely area for bottoming.

As far as Friday’s damage, some interesting stats:

Friday’s One-Day Statistics:
SPX: -2.09%, worst loss since 6/20/13 (-2.50%)
INDU: -1.96%, worst loss since 6/20/13 (-2.34%)
CCMP: -2.15%, worst loss since 8/27/13 (-2.16%)
RTY: – 2.41%, worst loss since 8/27/13 (-2.41%)
TRAN: -4.11%, worst loss since 9/21/11 (-5.27%)
VIX: +31.74%, biggest gain since 4/15/2013 (+43.20%)
NYSE Composite Volume: 4.39bn shares, highest non-expiration day since 6/28/13 (4.7 bn)
% NYSE Volume in Declining Stocks: 94%, highest since 6/20/13 (95%)
NYSE Advance-Decline Line: -1677, lowest closing breadth since 6/20/2013 (-1742)

Source:

Expecting Further Downside – SPX 1750 Looking More Likely
MKM Partners – January 27 2014

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