Last week, the S&P 500 produced multiple warning signs of a coming selloff. Was it what the Federal Reserve said? Likely, not. The breadth and depth of the indicators make them significant and serious.
The backdrop
Last week’s actions don’t stand alone. A negative backdrop has been forming since the S&P 500 topped out on July 31. It rolled over in early August, forming a rounded top and falling below the 50-day moving average (a trend measure) on August 15. It then bottomed on August 17-18 and rebounded halfway back, rising above the moving average.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.
Login if you have purchased