‘Build Bears Bigger’ – S&P 500 Plunges 20% From Record Highs

‘Build Bears Bigger’ – S&P 500 Plunges 20% From Record Highs

3rd time’s the charm…

Having tried and failed twice before in the last week, the S&P 500 has broken down below the ‘Maginot Line’ of 3855 and officially entered ‘bear market territory’ – trading down at its lowest since March 2021…

Next stop 3815 (Fib 38.2% retrace of the post-COVID rally)…

The S&P joins the Russell 2000 (-28%) and Nasdaq (-30%) in bear market with The Dow down 16%…

While we know that President Biden doesn’t watch the stock market like his predecessor (or so he says), we do…

How much more pain will Powell endure?

Tyler Durden
Fri, 05/20/2022 – 12:09

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