We've sold off a lot and quickly, notes Goldman Sachs trader Rich Privorotsky this morning, pointing out that seasonality on the equity market has been an eerily good at predicting what happens next, but he says "its not telling you too buy the dip."
S&P 500 broke a 356 day streak without a down 2% (or greater) move - longest streak since 2007 (943 days without a down >2% move). SPX fell -2.3% (worst day since Dec '22), NDX fell -3.7% (worst session since Oct '22), Mag Seven -6% (worst session since Nov ’22), AI winners down -5% to -10%, and Index vol spike (VIX > 18 for first time since April).
