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May 1st 2022 |

Market Review |

The S&P 500 headed down our expected path. After a short-lived bounce at the beginning of the week, U.S. stocks finished the week significantly lower. After tumbling more than 900 points on Friday, the Dow Jones Industrial Average finished the week down 2.5% at 32,977.21. The Dow is down 4.9% on the month. The S&P 500 closed the week at 4,131.93 and lost 3.3% week to date. For the month, the broad index lost 8.8%, its worst month since March 2020 at the onset of the Covid pandemic. The Nasdaq fell 3.9% from last Friday’s close to end at 12,334.64. The tech index fell about 13.3% in April, its worst monthly performance since October 2008. The Nasdaq finished at a new low for 2022 and the S&P 500 did as well, with the main stock benchmark taking out its previous low in March. The S&P 500 is now down 13.3% in 2022. The Nasdaq is off by about 21.2%, and the Dow is nearly 9.3% lower on the year. All key S&P sectors ended in deep negative territory for the week, led by the discretionary sector. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, jumped to 33.4.

Short-Term Technical Condition

Not surprisingly, the short-term-oriented down-trend of the market remains well in force. The S&P 500 closed 230 points (!) below the bearish threshold of the Trend Trader Index, whereas both envelope lines of this reliable indicator continued to decline on a very fast pace. These are clear indications for a …

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