After today’s session that is the question on many investors minds. Is the market crashing again? With the markets jumping off a cliff the last 9 sessions, they’re now off their May highs by 10%. A bear market is defined as a 20% correction from highs, so we’re 1/2 way there. Will we get the other 10% drop? We’re not sure, but we are sure that the macro economic data has been weak, policy makers are proving incompetent, and the technical back drop is horrendous.
Most alarming to us here at stockhaven today is the fact that there have been no places to hide out today. Unless you are in corporate bonds, treasury bills, or the U.S. dollar, you got slammed today, with the exception of short sellers. Leading sectors like energy, technology, and consumer discretionary all fell on their faces today, heck even the metals trade reversed and turned lower.
When days like today happen, you have to respect the price action in the market. We’ve been warning of the ramifications for the market for a few days now after we broke key technical levels. We saw oil sell off by 6%, silver 6%, and the financial sector tumbled 5% as well. Even leading stocks like AAPL, AMZN, GOOG, & PCLN are all getting slammed. Technically, 1,200 becomes the next level for the SnP500 with 1,175 our next target based on trendline support that we outlined here.
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