Markets Continue To Work Off Steam
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Just like clockwork, August begins with a market correction underway: Markets lost 1% yesterday, and look to take out support at the 20DMA today. The 50DMA at 4,280 will be the next, big level of support for the market to hang on to. If the market breaches the 50DMA, it's still in no crisis. Even a test of the 200DMA would be just a 10% decline from the peak, still not necessarily indicative of a bear market's return. A 10% correction is normal in any given year. Watch for another day or two of continued sell-off as the market works off its overbought positions.
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