The US markets are having a strong day. Has the apparent correction that started on January 20th run its course?
What constitutes a market correction? There's no official definition, but a 10% pullback is a common rule-of-thumb for market watchers. Since the S&P 500 low on March 9th of 2009, we've had three declines over 5%, but we've yet to hit that 10% number. The latest was the 8.1% decline over 14 trading days from the interim high on January 19th to February 8th.
I'm now annotating my daily chart updates to show those three declines. A 10% correction from the interim high of 1150.23 on January 19th would take the index to the vicinity of 1035.
The US markets are having a strong day. Has the apparent correction that started on January 20th run its course?
