Panic selling

Stocks had enjoyed nearly 90 days without suffering enough panic that investors were selling everything at the same time. The Up Volume Ratio fell below 10% on Monday for the 1st time since June 24. When the S&P 500 had hit a multi-year high then suffered a 90% down day (more than 90% of volume flowing into securities declining in price on the day) within 10-50 days of the peak, forward returns were good. Over the next 6 months, there was only 1 loss of any consequence.