Load WordPress Sites in as fast as 37ms!

Massive Sell Program Slams S&P500 Below 3300

Fight Censorship, Share This Post!

Massive Sell Program Slams S&P500 Below 3300

Tyler Durden

Fri, 09/18/2020 – 13:59

Just as were bringing readers a warning from BMO technician Russ Visch that a drop below 3,310 in the S&P would breach the mid-September support and open a door for a retest of 3,233…

<!–[if IE 9]><![endif]–>

… a massive selling program hit at exactly 1:30pm, which sent the NYSE TICK index (number of securities trading on an uptick less trading on a downtick) to session lows of -1,713…

<!–[if IE 9]><![endif]–>

… which together with yesterday’s morning wholesale dump which saw the TICK open the puke-like -1,897, was the biggest program selling going all the way back to the mid-June dump.

<!–[if IE 9]><![endif]–>

Curiously, just moments before the sell program hit, the VIX – which had been trading rangebound all day despite the market weakness in yet another quirk of quad-witching – spiked, potentially triggering the sharp cross-asset selloff and while bonds remain unchanged even the dollar is starting to move (higher).

<!–[if IE 9]><![endif]–>

The 1:30pm sell program was notable because coming on the already twitchy quad-witching day, it pushed the S&P below 3,300 – almost as if that was the intention – with the EMini suddenly dumping 20 points in bidless action before the S&P future recovered around 3,280, the lowest level since early August.

<!–[if IE 9]><![endif]–>

And so with 3,300 now in the rearview mirror, the onus is now on the Robinhood BTFD crew to show that they can prop up the market in a time when the Fed’s dedication to the bullish cause is suddenly in question.


Fight Censorship, Share This Post!

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.