'We Are Heading Into A New Bear Phase:' Economist David Rosenberg Sounds Dire Warning On Key Signal In 'Every Major Average'
Portfolio Pulse from Shanthi Rexaline
Economist David Rosenberg has warned of a new bear phase in the stock market, noting that every major average has broken below its 50-day moving average. This includes the Value-line Arithmetic and the S&P 500 Equal-Weight. The recent weakness in the stock market is triggered by fears of the Federal Reserve continuing with its rate-hiking spree. The SPDR S&P 500 ETF Trust (SPY) ended Thursday’s session down 0.76% at $436.29.
August 18, 2023 | 9:02 am
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NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) is likely to be impacted by the predicted bear phase in the stock market. It ended Thursday’s session down 0.76% at $436.29.
The bear phase predicted by David Rosenberg is likely to impact all major averages, including the S&P 500, which SPY tracks. The ETF's price has already shown a downward trend, ending Thursday’s session down 0.76% at $436.29. The continued rate hikes by the Fed, which are causing market weakness, are likely to further impact SPY negatively.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100