Only a 23% re-tracement from the May 2015 high?? Barely enough to "officially" call it a bear market...surely you aren't being serious?
Personally I don't care for the DOW (30 stocks only, theoretically the creme de la creme, but a lot of laggards there...look at IBM....15 successive quarterly revenue declines).
Hence they recently included AAPL and tossed out the venerable T ...fat lot of good that did...AAPL officially in bear mkt territory...just as in 2000 they (Dow Jones) introduced the first non-NYSE stocks, MSFT, INTC to "sex it up"..fat lot of good that did them, once again...MSFT fell 50%).
The S&P is the global benchmark and yes, did break key August 2015 Support of 1867.
If interested in the DOW indices, I think this one is far more indicative of where things are going, its little known and less followed (here, in Oz) twin sister. No comments about oil, except read my signature.
"advising no more rate cuts this year."
Did you mean cuts...or hikes? Some regional Fed Presidents (Lacker, Williams, others) are still talking about 1.375% end of year. It will not happen - maybe, just maybe, one more hike, to maintain credibility, and give a little more dry powder, but QE4 is a near certainty. NY Fed Pres Dudley has countenanced the possibility of NIRP in the Q&A after his recent Speech (obviously not in the prepared speech below), but it was basically the Party line in that speech (tho he says it's his own view), which I suggest some might wish to read, if only to see where their heads are at. He's a very smart guy, always was....but also has a job to do.
The NY Fed Pres (ex Goldman, FWIW) is the most powerful President of them all, and a permanent voting member of FOMC. NY Fed President has historically been at the forefront of historic bailouts (LTCM 1997, 2008 etc.)
https://www.newyorkfed.org/newsevents/speeches/2016/dud160115
