Stocks routed, closing on the lows in a brutal day

• S&P 500 down 143 points or 3.4% to 4057
• Nasdaq down 3.9%
• DJIA down 3.0%
• Russell 2000 -3.4%

Powell won’t be getting too many backslaps from anyone at Jackson Hole tonight.

The old saying is that market’s don’t bottom on Friday’s either and that data bears it out. Bespoke shows that a 3% decline on a Friday averages a 1.5% decline on Monday.

And with a chart like this, ther’s plenty of downside below. It’s a bit of a head-and-shoulders top targeting 3900.