There are a number of things that would have caught a savvy investor’s eye on Thursday. The Dow was off nearly 1%. The S&P 500 was down almost 1.5%. And the Nasdaq lost more than 2.1%.
But while these are the headline numbers that investors tend to watch, there’s one metric that moved much more than any of these. And it also happens to be the single most telling gauge of the stock market right now — at least in my opinion.