As we posted before the open, whether the S&P 500 was able to hold above its downtrend line was going to be key to how the index trades going forward. Based on the trading today, it doesn't look good. As shown below, after a nice five-day rally, the index tanked 8.92% today and gave up 55% of its gains off the low.
At -8.92%, today's decline is the second worst in 2008, which is pretty darn bad.
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