Until last Friday, trading volume had been lighter than average for the S&P 500 companies. On Friday, volume spiked as significant selling entered the market. The S&P 500 ended the day down more than 23 points.
This is a nervous market (as are many equity markets at the moment), being propped up by global central bank monetary stimulus.
Over the weekend the Bank of China reduced reserve requirements for lenders, adding additional stimulus to a slowing Chinese economy.
Scott Tomenson,CIM Managing Partner, Chief Investment Strategist