Hi Traders, a third consecutive red week drove the S&P 500 down another 2.14% and a total of 8% for 2016. At the same time, Chinese and European indices are down more than 20%, the definition of a bearish territory. Will Wall-Street join the bearish market?
Fundamentally, based on the relatively strong US economy, the answer is no. However, markets are influenced by psychology more than by the fundamentals. Last week I anticipated fear to continue lead the market lower. This week, I believe we will see a short time market relief and possibly a pull back.
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