The S&P 500 closed at 3,789.93 yesterday. That’s getting extremely close to the downturn low of 3,666.77.
In fact, it’s only a further drop of -3.25% away.
The implications of a new low after such a prolonged period of downturn will have major implications on the prognosis of the market going forward. Already, a significant amount of momentum has been sucked out of market. A new low will confirm the damage.
Honestly, I apologize. This is all because I wrote a week ago that I felt pretty optimistic about things! The market will always find a way to make you look dumb you try to predict anything : )
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