S&P 500 suffers longest losing streak since 2008

The S&P 500 index dropped yesterday for the eight straight session; its longest losing streak since 2008.

Election uncertainty and the heightened odds of Trump victory is forcing investors out of the risk assets. Furthermore, the index was poised for a technical correction given it hardly saw a meaningful correction after having bottomed out in February this year.

The index closed below the key support level of 2120 on Tuesday and thus extended losses to hit a low of 2085 levels

S&P 500 Technical Levels

A break below 200-DMA support of 2082 could yield a sell-off to 2062 (June 17 low). On the higher side, resistance at 2094 (previous day’s low) if breached would expose 2114.7 (Oct 13 low).