Source: Investing.com
Even after the drop since the October highs, corresponding to last month's low in equities, the VIX is still near 25.00. Except for the 2008 and 2020 crashes, the gauge has always been below these levels. I have repeatedly warned you not to be impressed with the rallies we've seen, as they are merely corrections within a bear market. However, given the historic monetary changes, we see equally historic equity swings. In either direction, thehas already provided five-month moves greater than 7% this year. Such powerful moves are rare. The last time it happened was following the 2008 crisis, and the time before that was 1933.
According to bulls, even if stocks are bottoming, it will be a wild ride. However, there is no evidence of a bottom, and we have received a signal of a continued downtrend.The S&P 500 Index has been registering rising peaks and troughs in the short term while still falling in the medium term. However, the gauge completed a rising wedge on Wednesday. This pattern is a triangle with a steeper lower trendline, projecting the overeager behavior of buyers.
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