What Has the Smart Money Been Doing?

The S&P 500 is down more than 7% in the second quarter, but how did it get there on an intraday basis?  Below we highlight the average hourly performance of the S&P 500 so far this quarter.

Breaking up the hourly performance by days in which the market was up or down allows us to see when the buying has occurred on up days and when the selling has occurred on down days.  On down days, the bulk of the declines have come...

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