The recent sharp break lower in stock markets has done a significant amount of technical damage on the charts. Just 26% of the 3,000+ stocks that trade on the New York Stock Exchange are now trending above their long-term 200DMA, while a full 74% of NYSE stocks are in a bear market. News from the tech sector is not much better, where just 31% of NASDAQ 100 stocks are trending higher above their long-term moving averages. The stock markets need to bounce quickly and put in a meaningful rally or losses will accumulate rather quickly. You know where I stand on the outlook.
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