The S&P 500 is off around 11.3% from its recent high in May and actually all-time high. The last several days have been brutal, as the market declined -12.6% from the very high to the intraday low on Monday. It is rather hard to believe some of these prints on Monday morning. The SPY traded at 1820 on the equivalent basis of the S&P 500. The markets are oversold on a short-term basis, but we think the trend of the market has changed from an upward moving market to a declining trend, so this should not be viewed as a buy the dip opportunity.

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Market in a Minute 2015-8-25