Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Noted technician Tom DeMark, who called the bottom in 2020 after COVID emerged, disagrees. The founder of DeMark Analytics — known for advising hedge fund managers like Paul Tudor Jones and Steven Cohen — told Fundstrat's head of technical strategy Mark Newton that key markets are on the verge of reversing
Been nibbling very little Wait and see Prices are cheap though fyi He got 50% being right lol
The first shows historical weekly losing streaks for the S&P 500. At 7 consecutive down weeks (and counting), this is the longest losing streak for the US stock market since 2001. There have only been three prior 7-week losing streaks since WW2, and none have lasted longer than 8 weeks. We are quickly approaching uncharted territory if the market doesn't see a respite from selling soon.
Our second chart highlights the number of positive trading days seen over all rolling 100-day periods since 2000. With just 43 positive days in the last 100, there hasn’t been a lower frequency of positive days since October 2008 at the depths of the Financial Crisis!
The linked Market Watch article appears to require two closes below 3863 for SP 500 to see a 63% retracement to 4400-4500. I do not think we had even single close below 3863 this year.
Comments
The first shows historical weekly losing streaks for the S&P 500. At 7 consecutive down weeks (and counting), this is the longest losing streak for the US stock market since 2001. There have only been three prior 7-week losing streaks since WW2, and none have lasted longer than 8 weeks. We are quickly approaching uncharted territory if the market doesn't see a respite from selling soon.
Our second chart highlights the number of positive trading days seen over all rolling 100-day periods since 2000. With just 43 positive days in the last 100, there hasn’t been a lower frequency of positive days since October 2008 at the depths of the Financial Crisis!
Of course when everyone believes it...