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April 24th 2022 |

Market Review |

As highlighted in our latest call, U.S. stocks finished another week with deep losses. The Dow Jones Industrial Average slumped 1.9% over the week to 33,811.40. The blue-chip average posted its fourth straight weekly decline and its ninth losing week of the last 11. The S&P 500 closed at 4,271.78 and posted a 2.8% weekly loss, marking its third straight one-week decline. The Nasdaq plunged 3.8% this week to end at 12,839.29. Nearly all key S&P sectors were negative for the week, staples and real estate were the only gainers. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, jumped to 28.2.

Short-Term Technical Condition

After the renewed selling pressure, the short-term down-trend of the market remains well in force. From a purely price point of view, we can see that the S&P 500 closed 183 points (!!!) below the bearish threshold from the Trend Trader Index. In this context, the price trend of the S&P 500 looks …  READ MORE


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