#Signpost image pro
not so fast, because according to another "flawless" indicator, the bottom has yet to come.Īs BofA's Savita Subramanian writes in a market note this morning (available to pro subscribers), only 30% of the bank's bull market signposts (things that happen before a market bottom) have been triggered vs.
As a result, Stovall told clients that while markets may be taking a breather, investors should “look upon any possible decline as a dip that should be bought since history says the low is already in.” To sound (or seem) original, CFRA showed a table confirming what we first said, namely that the S&P has never set a lower low in any of the 13 post-World War II bear markets after recovering 50% of its peak-to-trough decline. For traders who closely follow Fibonacci analysis, finishing above this level implies a bottom has already been set." The show, set in an army field hospital during the Korean War, debuted in the final years of the Vietnam War, and its antiwar theme resonated with many Americans. Yesterday, CFRA's Sam Stovall echoed what we said when it pointed out that "the S&P 500 Index closed above 4,232 on Friday, a 50% retracement of the plunge from its Jan. Pointing the way to anyplace but here, this prop from MASH (CBS, 1972-83) reflects the characters humorous efforts to cope with the horrors of war. A close above it would void the bear market rally thesis as there has never been a bear market rally that exceeded the 50% fib and went on to make new cycle lows /dZlXMi1fXG A close above it would void the bear market rally thesis as there has never been a bear market rally that exceeded the 50% fib and went on to make new cycle lowsĤ220 is critical level: it's the 50% Fib ES retracement. Why? Consider the following: last Thursday we first pointed out that 4220 is critical level for S&P futures: it's the 50% Fib ES retracement. In other words, we are about to see at least one of two "guaranteed", 100% correct indicators be wrong for the first time.
Just when you thought markets have reached peak schizophrenia - not helped by the fact that the Fed wants to have it both ways, and on the one hand calling inflation unacceptably high and inflationary pressures broad-based in the latest FOMC Minutes, while on the other they, hinting at slowing the pace of rate hikes, thus allowing financial conditions to ease even more, well before there is any real evidence of a meaningful move back towards their 2% target thus leaving the market confused as to whether the Fed is likely to continue to raise rates well into 2023, we now have a Heisenberg state for markets where one flawless, 100% accurate indicator suggests i) the market is set to to tumble and hit a new bottom, while according to another ii) stocks have already bottomed and will now soar.
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