Equity indices are all trading near session lows, with the S&P 500 Index (SPX) off 40 points (-1.4%) and down for the fifth consecutive trading session. Selling pressure has really picked up steam today, with current SPX breadth readings at the most extreme levels we have seen so far, over this five-day sell-off. Volume in declining stocks is outpacing volume in advancing stocks by a ratio of 4.6 to 1 and there are 3.3 SPX stocks trading lower for every 1 stock trading higher.

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