Market Commentary: SP500 down -0.65%, largest Drop In Five Weeks
Gary at www.econintersect.com has written a very good commentary on the stock market after we just finished the biggest drop in five weeks. The major indicators are not yet bearish, but it could be somewhat scary if the market continues to fall. Chris Ciovacco said that one of his indicators, XLY, was still bullish. As long as this consumer discretionary ETF holds above 67.06, we are okay according to Chris. I also agree with Gary and Chris because the recent ISM number was 59.0, and that means we are not anywhere near any economic trouble.
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