As uncharted as the political terrain has been, U.S. equities have walked a well-trodden path in August, bound by a trading range that by some measures has lasted two years. Now mile-markers on that road are being tested again.
For the third time this month, a sell-off has pushed the S&P 500 below a level that matches its high-water mark from January 2018, meaning people who bought back then, during the biggest rally of Donald Trump’s presidency, remain stuck. Of greater interest to chart analysts, the index now sits just 7 points above lows set during earlier August plunges.
Source Story: Bloomberg