The S&P downgrade of Greece and Portugal’s debt ratings whacked U.S. equities yesterday.
Lowry’s notes that the major market averages experienced their worst decline since Feb. 4th, with yesterday qualifying as a 90% Downside Day on the NYSE (94.5% of total Up/Down Volume).
The decline brought both indices to a test near term support.
SPX DrawDowns Since Prior High
SPX Still in Up Channel
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