Stocks enter a bear market!
Stocks enter a bear market based on some arbitrary percentage that lazy media assign to it. So, like 19% was okay?
No dear MSfN, stocks were indicated to have entered a bear market (of some kind) back in February when the weekly chart of SPX crossed its moving averages down (red arrow) and failed to climb above either of them per this chart we’ve been using in NFTRH along with charts of the other major indexes.
As you can see, barring a miracle reversal (is 2:00 Charlie still a thing?) this week will have been a damaging one as the support level SPX hammered from last week is being lost this week.
Personally, I thought that given the bleak sentiment backdrop the odds favored a bear market rally from here. But if this week closes as it appears poised to, the next objective is 3400 +/-, which is the top of the COVID crash pattern. Speaking of which, even before this bad week sentiment was just about to the terrorized levels it was back in Q1 2020.
I have been out all morning and returned this afternoon to find this mess dangling like a rotten fruit below support. A few more headlines like this should really kill sentiment, which was DOA to begin with. You can click the headline to get whatever story media are serving.
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