Today’s 2.28 percent decline in the S&P500 ranks as the second worst start of June in the past 50 years. Since 1962 there have 29 up days and 21 down days to start the month. The S&P closed below the 50-day and closely watched 100-day moving average. Given the ugly macro picture, we doubt last week’s low of 1311.80 holds, which leaves 1300 and 1294 as the next level of support before a move down to the 200-day moving average at around 1245.
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Global Macro Monitor 
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