Next few days should be expository on whether this is the case. We’ll see if you’re right, Dave.
Right now, we are in the middle of tax-loss-selling season. All the items which have dropped this year are under pressure, due to people selling in December in order to match off gains vs losses. Those same items will generally bounce at end of December/early January, but right now, the beaten-down stuff is being sold fairly hard. For the last few years, that has been the lot of the mining shares; this year we seem to have dodged this particular bullet. Hmm. Maybe that's even what is causing some of the pressure on SPX.https://business.financialpost.com/personal-finance/taxes/time-to-sell-how-to-offset-your-gains-by-swallowing-your-losses