Chart courtesy of Stockcharts.com
We are getting to that point in time again where the major indices are now in the midst of joining all the areas that are already bearish…but first, disclaimer time.
EVERY TIME THE MARKET HAS BEEN IN TROUBLE, THE PIXIE DUST FROM CENTRAL BANKS HAS SAVED THE DAY. WE CANNOT COUNT THAT OUT.
In fact, we do believe markets were entering a bearish phase in September…that led to October…only to have Japan and Europe announce over $2 trillion of printed money. You can also add in the massive easing China started. Those moves turned the market around.
Notwithstanding that, markets are narrower, leadership is thinner, more and more areas have turned down and now the major indices are coming in. We have not had a bear market since the 09 lows. We have not had a correction of consequence in almost 3 years. Just in case, be ready.
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Charts courtesy of StockCharts.com