That was the day where the bear market began in earnest. After that day, it never looked back.
The final posted low was 666, on March 6th.
Let that sink in for a while: Six-six-six, on the sixth. There is much more going on than the general public realizes.
We wrestle not with flesh and blood …
Getting back to that day on June 5th, those old enough will remember the market had been trending lower for about three weeks.
Then, on Thursday the fifth, there was a huge rally. The S&P moved up over 2% on the day.
This rally as it turned out was just short covering. The next day, price opened gap-lower and moved swiftly lower to new daily lows.
The move down was about -3.5% on the day. There was no denying at that point, it’s a bear market, potentially a crash (which it was).
Is that same scenario what just happened today, Friday?
Looking at the analysis that Sajad put out on August 15th He showed “there’s one final move to go”: Time stamp, 5:20
His quote is shown on the chart. Indeed, the Dow 30, the DIA, had one more move to go before reversal.
If the coming Monday, opens gap lower and posts a new daily low, the market is performing in a way that’s similar to June 5th of 2008.
Charts by StockCharts