Breadth that was so extremely negative as was seen on Friday is rare. It is especially rare when the market is not already downtrending and reaching oversold levels. The NYSE Up Volume % of 4.5% suggests nearly everything was being sold. Indiscriminate selling like this hints at panic. Below is a study last shown on the blog on February 5th that exemplifies this.
Instances are low, but with all 7 bouncing in the next day or two I believe it’s worth noting and perhaps considering now, and then tracking going forward.