The S&P 500 sank 1.5 percent to 1,935.09 at 4 p.m. in New York, the lowest level since Aug. 12. Today’s slide was the biggest in almost three weeks. Selling accelerated in afternoon trading as index futures contracts expiring in December slipped below 1,940, a level where two previous declines had ended earlier today.
Those supporting a bullish view on equities could accurately be compared to the boy who cried wolf. But six months into the current upward correction, an argument can be made that even though pain is still apparent, the leading indicators are pointing up.