Dow Stocks Bear Market Trend Trajectory
Stock-Markets / Stock Market 2022 Jun 07, 2022 - 08:59 PM GMTBy: Nadeem_Walayat
Following a false break lower on 20th of May the stock market has managed to unwind some of what was an extremely oversold state, In fact that is 2 false breaks in a row on the Dow chart (red circles). Still the rally is galvanising many to start fantasising that the bottom is in when at the end of the day it is what it is a bounce from a very over sold state and thus a bear market rally that faces a lot of head winds when one considers all those who were buying stocks for a good month between Dow 34,250 and 35,250, who will now be eager for a chance to lighten their load on a rally back into their break even price zone which suggests that this bear market rally will terminate long before the Dow gets anywhere near 34,250 so I don't see much upside both in terms of price and time for this rally.
My bear market expectations remain for the Dow to target a trend to 29,600 by Mid August / Early September for an approx 20% top to bottom bear market, whether that will mark the final bottom is pending in-depth analysis. But for mow I continue to see the current bounce soon resolving to new lows.
(Charts courtesy of stockcharts.com)
A closer look at the S&P that most focus upon shows that the S&P...... The rest of this exensive analysis of the state of the stocks bear market and more AI Tech Stocks Name of the Game, Climate Change Housing Market Impact and the Next Empires has first been made available to patrons who support my work.So for immediate first access to ALL of my analysis and trend forecasts then do consider becoming a Patron by supporting my work for just $4 per month. https://www.patreon.com/Nadeem_Walayat.
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By Nadeem Walayat
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Nadeem Walayat has over 30 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.
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