Stock Market Retracement Appears OverStock-Markets / Stock Markets 2016 Jan 08, 2016 - 03:44 PM GMT
It appears that SPX has completed its retracement just 2 points above the 5-year trendline at 1960.47. This amounts to only a 26% retracement of the last decline. The decline must resume today, since this is only a minor Pivot day.
ZeroHedge reports, “This week is simply the worst we had in recent history for markets, RBS exclaims, the worst ever start to the year for The Dow, the worst since 1999 for S&P and the second-worst for credit since 2008. Worst still is, they think there’s more weakness ahead and that many fundamental risks will continue to haunt markets. Why? Simple! Investors drank too much policy kool-aid last year.
Worst ever start to a year...”
It’s about to get much worse.
TNX is clearly beneath its Cycle Bottom support, indicating the path of SPX as well. It is also having a minor Pivot day.
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