For the most part, US stocks managed to score marginally positive price action last week, that is until a global selloff on Friday erased all of the week’s gains and then some. As the saying goes, markets tend to take the steps on the way up but the elevator on the way down and that left some negative marks on US stocks almost across the board last Friday.
Over the years, I have learned not to freak out over any single day’s price action but rather to look a little deeper below the surface as to what caused the selling panic and for clues as to the sustainability of the downtrend.
The trend remains higher for now but the longer this choppiness continues the more we are at risk of a multi-month sell-off.
Read my full analysis HERE