The real story of the moment is the 5-day decline in the S&P 500 last week following the trading range breakdown. The S&P 500 entered the week at a critical juncture, at the low end of its 1,350 to 1,425 trading range, corresponding to 135 to 142.5 on the SPDR S&P 500 ETF (SPY), as we noted in our previous update (Market Update: JPMorgan And Europe Bad News Drive Market To Trading Range Bottom).
The market responded with five days of declines and the SPY closed the week at 129.74, clearly below the previous trading range.
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