The 200-day moving average in the S&P 500 is not to be taken lightly. The last time we had a genuine break below was at the start of the pandemic and it was a free fall from there. Notably, a few minor incursions (pun intended) below have ultimately been buying opportunities.

• S&P 500 down 85 points, or 1.9%, to 4397
• Nasdaq -2.4%
• DJIA -1.1%
• Russell 2000 -1.4%

On the week:

• S&P 500 -5.7%
• Nasdaq -7.6%
• DJIA –4.6%
• This is on track to be the worst January for the Nasdaq ever.