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Opinion: Finally, a breakdown in the S&P 500 Index

The entire focus of the stock market changed from bull to panic
(not necessarily to bear, but certainly to panic) in one day.

The S&P 500 Index (SPX) had been toying with new all-time
highs, but they were being made by pennies, not by points, so
it was rather unconvincing. Then Tuesday night, the problems
started out with some overnight selling in the S&P futures,
which dropped about 15 points, based on the Comey accusations
against President Trump.

But the market was already overbought and nervous, so if it
hadn’t been that, it would have been something else that
triggered the selling. By the end of Wednesday, heavy selling
was swamping the market, and the SPX finished down 43 points.

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