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Still a bear market: S&P 500 slump signals stocks never reached 'escape velocity'

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The S&P 500's fall back below 3,900 signals the stock market's rally off the October low was merely a “tactical bounce,” says top Wall Street chart watcher

The S&P 500’s close below 3,900 on Thursday signaled the stock market’s rally off the October lows was merely a “tactical bounce,” according to a top Wall Street chart watcher.

“It... The S&P 500’s close below 3,900 on Thursday signaled the stock market’s rally off the October lows was merely a “tactical bounce,” according to a top Wall Street chart watcher. “It has been our opinion that the rally was a by-product of ultra-dry tinder ignited by the spark of improving financial conditions , but nothing that translated into escape velocity to the gravitational pull of the bear market,” deGraaf wrote.

Stocks fell sharply on Thursday, a day after the Federal Reserve delivered a half-point interest rate increase and indicated the fed-funds rate was likely to peak above 5% next year and remain there.

 

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A 'tactical' bounce. ha that's a nice way of putting it.

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