– S&P Futures Slide Under 1800; 50 DMA Support Breached; Taper “Gains” Gone For Most (ZeroHedge, Jan 24, 2014):
S&P 500 futures just crossed below 1,800 – its lowest since the FOMC’s taper announcement on December 18th. The cash S&P 500 (and small cap S&P 600) have crossed below their crucial 50-day-moving average (with no sign of dip-buyers yet). This is the biggest drop through that historically critical technical support level since early October. Perhaps more notably, most of the go-go sectors that were heralded by all the talking head momo queens on mainstream media as leading the next leg of stock gains have seen their post-Taper gains gone. From Builders to Banks and Industrials, taper-gains are now a dim and distant memory.
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