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S&P 500 has fallen for 10th out of 11 weeks SPX joins NASDAQ and Russell in bear market Dow within a hair of 20% decline Bitcoin completes massive bearish top, aiming below $10K After both the S&P 500 and Dow Jones completed their worst week since 2020 on Friday, markets could be primed for a corrective rally when trading reopens on Tuesday after the Juneteenth holiday. Though the narrative is filled with gloom and doom, and longer-term investor expectations seem to be extremely negative, stocks don’t tumble in a straight line. Therefore, we’re anticipating a short-term rebound within the longer term downtrend. Weak Indices, Weaker SPX Sectors Over the past 11 weeks, the SPX registered its 10th decline as it entered a bear market. The broad benchmark is down 24.5% since its Jan. 4 all-time high, sinking below the accepted -20% level considered to be an ‘official’ bear market indicator. Why then are we predicting a possible bounce as early as this coming week? When broad sentiment is highly bearish, it increases the likelihood that whoever wanted to sell has already done so, leaving demand in charge. Technicals are helping confirm this: SPX Weekly The S&P 500 achieved the […]
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