Are we in a bear market yet? Naaaa... it's way worse than that.
We're going to need to start talking in marine terms pretty soon. This one's a whale.
The possibility of an up close this week certainly did not come into being. Weekly price charts of major US Stock Market Indexes show major devastation from last weeks trading and overall breadth for the week was as bad as it’s ever been in any of the last downside week’s over the past few months. Only 10 of the 273 sectors we tracked had better than 0% breadth, that’s just nasty! This suggests lower lows to come or at least serious testing of the lows made this week.
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