A Safe Haven From Any Marketwide Correction?
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Welcome back from the weekend, one and all. We hope you had a good one, though given today's selloff I know a bunch of you likely ended up wishing you'd just stayed in bed until Tuesday.
That's right. On the off-chance you didn't know, stocks got the new week started on a bearish foot, slipping a little further into the quicksand. As of Friday there was a still a chance the market could wiggle its way out of trouble. After today though, the odds of such a rebound dropped quite a bit. In fact, let's just start there today.... with a look at how the market went from bad to worse on Monday.
Long story made short, the S&P 500 sunk a little deeper into the quicksand today, with a near-term recovery looking increasingly out of reach. In retrospect, with that major support line (dashed) failing to hold up on Thursday, now that the bearish ball is rolling the sellers don't seem to even be thinking about looking back. Take a look.