Another spike in new lows
There was another jump in securities falling to 52-week lows on Thursday, with only a smattering of new highs. On the NYSE, the net percentage of highs-lows was more than -30% while on the Nasdaq it surpassed -33%. Only 18 other sessions in almost 40 years can match this level of wholesale selling pressure. A year later, the S&P 500 showed a median return of +32%, with only one tiny loss.

