**S&P 500 Just Broke a 448-Day Streak—What It Actually Means**

Monday's sell-off hit different. The S&P 500 dropped below its 200-day moving average for the first time in 448 trading days. Sound dramatic? Technically yes, but here's the thing—one moving average alone isn't the full story.

What's actually worth paying attention to:

- **Correlation spike**: Risk assets are tanking together, not in isolation. That's textbook risk-off mode.
- **Market flipping**: A few months ago, any bad news got shrugged off instantly. Now? The market's sniffing every negative headline. Sentiment shift confirmed.
- **Outflows in ETPs**: Capital is moving OUT of speculative plays. This isn't a flash crash bounce-back scenario.

The Nasdaq 100 is still holding channel support and the Dow hasn't broken its 200-day yet, so it's not a full capitulation. But the breadth is concerning.

**Real talk**: After 9 years of straight bull run, the weight of evidence is stacking up for a deeper pullback, not just a dip. That doesn't mean SELL EVERYTHING, but it means staying patient and waiting for multiple confirmations before you go all-in either way. Early calls = early losses.