Dow's 670-point surge belies fact that stock market is on the brink of an absolute breakdown

``According to data from Michael O'Rourke, chief market strategist at JonesTrading, a little more than half of Dow components were trading below their 200-day moving averages (see first chat below), which hadn't happened since 2015. Meanwhile, about 50% of the S&P 500 components were trading above their 200-day moving averages (see second chart), with a break below indicating "notable technical damage has been done to this market," O'Rourke wrote.''