I know the S&P is now through both the 50-day and 200-day moving average but it did break out to the upside last time it broke down below the 50-day. 



The 200-day breakdown is a bit more serious though, of course. You will notice the time frames of the last two serious breakdowns in the SMA-200 preceded the last two recessions.



So here’s a little Tom Petty & The Heartbreakers circa 1999 live in Hamburg then to take the edge off.


Feel better now? No?  Well Here’s another version from 1985 in Orchard Park. Enjoy.

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