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Michael Ashbaugh

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Aug. 6, 2019, 12:15 p.m. EDT

Charting a damaging August downdraft, S&P 500 violates major support

Focus: Gold takes flight (again) as August downturn inflicts U.S. sector damage and global market damage, GLD, IYT, XLF, XLV, FXI, IEV, EWJ

By Michael Ashbaugh, MarketWatch

Technically speaking, the major U.S. benchmarks have staged a sharp August downdraft, selling off aggressively from recent record highs.

The downturn has inflicted broadly-based damage, raising the flag to a bearish intermediate-term trend shift, pending repairs.

Link to MarketWatch's Slice.