Tonight's post-market macro note -- The Closer -- is a helpful read if you're looking for insights on everything that's going on in markets right now. One stat in tonight's Closer is shown in the chart below.Fewer than 15% of stocks in the Russell 3,000 are now above their longer-term 200-day moving averages.

After falling more than 10% on Thursday and Friday last week, S&P futures were down significantly last night into this morning.After trading in a high/low range of 8.5% today, the S&P 500 closed the day down a whopping 0.23%!

As shown below, we opened basically right at the -20% threshold for bear market territory, quickly traded much lower, then rallied across most of the rest of the day to finish flat.Yesterday we sent subscribers a BIG Tips report looking at next-day performance after 7%+ two-day drops that had some helpful insights.You can read that with a subscription here.

The oldest, most widely followed ETF that tracks the S&P 500 -- SPY -- traded a record $127 billion in volume today!   

A flat day today was better than nothing for the bulls, but we're still deeply oversold after last week's crash. Just 7.2% of stocks in the S&P 500 are above their 50-DMAs, and three sectors have readings of 0% (Consumer Discretionary, Energy, and Materials).Look on the bright side, though: the reading can't get below 0! 

Who knows where the "E" in the S&P 500's P/E ratio will end up once tariffs work there way through the system.On a trailing basis, though, the S&P's P/E ratio has fallen rapidly from near 28x down to just over 21x.

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