By Graham Summers, MBA
Stocks broke down badly over the last two days.
The line in then sand for the S&P 500 was 4,460. Stocks broke through it on Friday. They failed to reclaim it yesterday. This is quite bearish.
![](https://gainspainscapital.com/wp-content/uploads/2023/09/GPC92623.png)
Unfortunately, there’s more room to go for this drop. High yield credit which usually leads stocks is showing us what’s coming.
![](https://gainspainscapital.com/wp-content/uploads/2023/09/GPC926232.png)
The picture is even uglier when we take a look at market breadth. Again, this usually leads the index.
![](https://gainspainscapital.com/wp-content/uploads/2023/09/GPC926233.png)
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