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Michael Ashbaugh

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March 10, 2020, 12:07 p.m. EDT

Charting a technical breakdown, S&P 500 violates major support

Focus: Crude oil’s technical breakdown, 10-year yield plunges to record low as currency cross currents persist, USO, TNX, DXY, FXY, GLD

By Michael Ashbaugh, MarketWatch

Technically speaking, the major U.S. benchmarks have reached multi-month lows, pressured amid the worst single-day downdraft since 2008, during the financial crisis.

Against this backdrop, the S&P 500 has violated significant support — the 2,855-to-2,873 area — inflicting incremental longer-term damage. The quality of the pending rally attempt will likely add color.

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