Following up today’s 1.5% drop in the S&P500 $SPY, we take a quick look at market internals via 52-week highs/lows to see what they have to say.
This first chart is a YTD look at the number of NYSE stocks hitting new 52 week highs and lows. It’s quite clear to see the uptick in the number of new lows throughout the month of August to the highest levels seen all year. At the same time, the number of new highs has dried up.
All eyes are on the Fed tomorrow which has the potential to be a market moving catalyst. I have no helpful insights into what remarks to look for from the release, but I can outline the current stock market technicals to help you create a plan for the reaction.
The $SPY ETF is trading around its largest pullback YTD which is a laughable 3 SPY points off highs.
The VIX is off YTD lows, trading north of 12 and was up about 10% on the day earlier in the session.