It used to be that this thread would be filled with people trying to pick bottoms on a day like this. I already paid that tuition bill (although I do occassionally go for a refresher course)
but NOT today.
If we are down big today (and close at/near the lows), the old pattern used to be a secondary flush tomorrow morning (when all the TV shows are calling it the end of the world), then a reversal, hasn't happaned in a while.
with all the pain, it is highly UNlikely that markets can just make a V turn and run higher.
Historical memories: DOn't have them anymore, I am relying on memory.
under current conditions (considering September performance),
low for month usually happens on or before 9th trade day. 9th trade day this month is Monday Oct 13.
Other historical study specific to presidiential election year: looking at performance 2 weeks before and 2 weeks after election day, historically, buying the close of the 6th trade day before the election is best for short-term gains. 6th trade day before election is close of Friday October 24th.
past performance is history not a crystal ball.
... extension attributed to lagging ES 1035.