The failure, so far, of the US benchmark index to clear its 200-day moving average could signal an extended bear market, the investment firm said.
P 500, which has rebounded about 16 per cent from its 2022 low in mid-June, fails to break through its 200-day moving average, according to Guggenheim Partners.Bears and bulls are battling it out on Wall Street.“Stocks have seen a strong rally since the Federal Open Market Committee meeting in mid-June, but the S“Based on the history of previous bear markets, this level is an important one to watch.
“The character of the decline in 1H 2022 was not one of panicked desperation but rather orderly despite the extreme multiple compression that occurred in stocks with a high proportion of their net present value comprised of future earnings. The pervasive bearishness on the street means that the amount of dry powder on the sidelines is also very high.”
Bearish sentiment, expectations that stock prices will fall over the next six months, increased 0.5 percentage points to 37.2 per cent, the AAII said. In addition, bearish sentiment is above its historical average of 30.5 per cent for the 38th time out of the past 39 weeks.
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