Saw this on Bespoke website. This is one of the important sentiment indicators, people are getting a bit more pessimistic now. Statiscally speaking during bull run correction, 2-4% below 200 day moving average is normal. In deep correction like first phase of 1981/82 bull run, it lasted about 4-5 months. Index stayed below 200-d SMA by 12%. That was the basis that I think S & P should get to around 970(1,100*0.88=968) in the worst case scenario.
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