This is the weekly of the S&P500 (SPX) with today's and the week's low (2638) superimposed in black and the low is sitting at -8.1% for the week . I won't have the updated chart until later. The trendline hasn't been breached and I have added the 40 week MA in red (200 day equivalent) which is still intact. The -10% level (2585) hasn't been breached to date.
Whether the falls will continue, I have no idea. I don't have a problem with the range of fall at this point but I think that the surprising rate of change has a lot to do with the bots as some of the commentary seems to suggest. I read somewhere some time back that bots initiate about 70% of the transactions in the US market, maybe it is even more so now. Only a few days ago Trump was trumpeting how his programs including tax cuts were driving the out performance of the US stock market. I wonder who he will now blame for the pullback.
Weekly COB Feb 5th (US)
General discussion, page-409
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