S&P down 2.30% now.
The S&P is trading at even newer lows and test 1942. The Nasdaq is down over 3% and the Dow pushes down 400 points.
For the new year. the S&P is down 4.89%. The Nasdaq is down 6.22%.
There is fear for another devaluation of the Yuan. The market remembers the devaluation from August. The low in the S&P was in response to that and the market rallied after it.
The Shanghai composite index was REALLY in a huge move lower in August. This current move lower has started from a lower low and still remains above the August low, much the same way the S&P is above its August low. It is hard to get in the way of the decline. However, after the devaluation the stock markets recovered in the US and consolidated in the Shanghai.
In August during the last devaluation, the EURUSD moved quickly higher (dollar got hit). The EURUSD moved up 700 pips in 4 days. The 4 days after it erased about 75 % of that run up. So don't expect 700 pips.
