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Stock Market Now Clearly Bearish

 

UVXY, Markets Now Clearly Bearish

Markets clearly bearish with 5-day losing streak, futures plummeting.

Released on Sunday, March 10, 2019, 9:30 PM ET
by Email Russ UrbanContact SpeculatingStocks



Pittsburgh, PA (SpeculatingStocks) - Look for a sour start to the week. The DOW, S&P, NASDAQ are all on a 5-day losing streak with all but the DOW losing their 200-day moving average. It looks like the S&P could retest the 2600 - 2650 level with it now sitting at 2743. This is the same level that the S&P exchange tested three times last fall in October, November and December. The exchanges failed to break through resistance five days ago and has been dropping since.

Even after a five day drop, technicals are still not favorable to bulls due to a huge run in the markets since the beginning of the year. The bears are in control right now with trade roiling China's economy and markets with the Shanghai exchange down over 4% on Friday. In the long-term, this is likely good news for the US market and trade negotiations, but for now its affecting US exchanges due to the uncertainty involved.



Futures are reflecting the current climate with the DOW down 94, NASDAQ down over 18 and S&P down over 10 points in the futures market. This is a heavy downturn in the futures market especially after a 5-day streak of red closes to all exchanges.

There is a clear carry over from last week and its hard for the bulls to argue with the direction of the market right now. Look for volatility (NYSE:UVXY) to continue to be in play for as long as the losing streak continues. Gold (NASDAQ:UGLD) and silver (NASDAQ:USLV) perked up on Friday and could see a big move if the global economy sees a downturn.

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⇒ About the Author of this News Article:

Russ Urban has been following the stock market for over 18 years and holds a Bachelor's Degree in Finance. From a young age, he watched CNBC with a keen eye and became obsessed with the market and technology. Russ Urban has written hundreds of stock articles and stock picks through the years since he founded SpeculatingStocks.com, Inc. in 2006 and holds strong faith in the power of the markets and capitalism.

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