Huge gap down and tight range trading all day. Volume was well below average.

S&P 500 Index 5min Chart

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S&P 500 SPDRs 5min Chart

Japan’s gross domestic product showed its economy pulled out of recession in the second quarter, but at a slower pace than expected, prompting a sell-off in major Asian markets that spilled over into Europe and North America. In the U.S. Lowe’s Companies (LOW) gave a poor outlook and together with last week’s poor data on U.S. consumer sentiment and retail sales was all the ammunition needed to prompt the correction.

S&P 500 Index Daily Chart

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