By NAAIM Member Dave and Don Moeening:
We Got the Bounce – So What’s Next?
From the August 19th open to the August 25th close, the S&P 500 lost -10.88%, the largest weekly decline in recent memory. The primary driver of the downward action has been centered around China, as we’ve written about at length over the past week. Everyone on the planet seemed to be expecting a short-term bounce, so it was unsurprising that following a few days of rallying in Chinese equities, U.S. stocks followed immediately.
Since the August 25th close, the S&P 500 is up +6.42%, making its YTD figure just -3.46%. So, we got our bounce. The question moving forward is – now what?
Overhead resistance is looming at the January lows of 1990, but it is hard to say whether traders are paying attention to that continue reading