Outside of the quick 3-day rally in early September, we've seen nothing but selling pressure since all three indices failed to hold their respective June highs…$NDX $SPX $RUT $QQQ $SPY $IWM pic.twitter.com/Vh2PDqgm1C
— Ian McMillan, CMT (@the_chart_life) September 22, 2022
Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). September has been living up to its reputation as a troublesome month for stocks. Ian points out that this recent leg lower began at the end of August when the major indices failed to hold above their June highs. As we know, failed breakouts are often followed by sharp moves lower, and that’s exactly what we’ve seen since. All three of the major indices shown above are down more than 10% in the past month. At this point, all eyes are on the June lows in the major indices. If those levels fail to hold, it will be a major issue.