More than the 2.2% drop in the S&P 500 and the coordinated nature of the global equity market selloff (across sectors and countries), perhaps the worst signal from last Friday was that major indices closed below the midpoint of their intraday range for a 10th straight session, signaling that market participants’ mentality may have switched from being dip buyers to sellers on strength. The s&p500 trades around its 200dma as well which constitutes an additional challenge. Bonds and the dollar were mostly unchanged, credit markets this time mostly weaker and gold rallied 1.5%.
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