The confusion isn’t over whether the market will continue selling off. It will. The question is how far it can sell off before it’s “rescued.” Different indices indicate anywhere from 2.2% to 20%. And, it totally depends on which index gets to call the shots.
If the Dow has its way, the market is in for another 2.2% decline (our target at its 200-day moving average), at which point Powell would call a press conference and declare “just kidding.”
But, the Dow has already backtested its Feb 2020 highs.
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