Bad news for sure! I think we have fallen enough from the highs to be in an official bear market now.
The SPY, along with the S&P, confirmed a head ‘n shoulders pattern by breaking through the neckline.
Check out some of these other shenanigans: TSLA after being up $8 for the day, closes in the red; DNDN after closing about 4% in the red ($32.22) continued to dive after hours, trading at about $25; Oil is running down and BP is running up…What the $%@&*!
This evening, China PMI came in below expectations, so futures are in the toilet, at least for now. The bear is back! When a market opens higher and closes near or at the lows…THAT is classic bear market price action.
Our one salvation is to see what the European reports come in like. I think I’ll go and by some firecrackers for the weekend.