U.S. stocks were back on the downswing in a big way Wednesday, underlining warnings from some market veterans that sharp rebounds in what has so far been a down year for equities may be little more than the sort of volatile, short-lived upside rebounds characteristic of bear markets.
Equities last week tumbled sharply last week with the S&P 500 coming within a whisker of entering bear market territory —- a drop of 20% from a recent peak —- before bouncing on Friday. A close below 3,837. 25 would mark a 20% drop from the large-cap benchmark’s Jan. 3 record finish.While the S&P 500 has yet to technically enter bear territory, analysts have noted the selloff has demonstrated bear-market characteristics.
The 10‐day figure, meanwhile, has become overbought, deGraaf said, but noted that tends to be “a bullish thrust signal” three months forward, and better than the three-week forward signal .
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