With just over an hour left of August 2022 trading, the S&P 500 is at the lows of the day and the month. It's down 28 points, or 0.7%, to 3958.
With the break of yesterday's intraday low, the index is trading at the worst since July 27.
Technically, the drop puts the S&P 500 right at the 61.8% retracement of the (hated) rally since July 14. That's an interesting spot for the bulls try to stage a rally as it's both technical support and it comes with the turn of the calendar. Unfortunately, the September seasonals aren't great for US stocks. If this level breaks, we could soon be looking at a retest of the June/July lows.
