For the last year when the market had bad news it would shake it off and resume the upside grind. This is an attribute of a solid bull market. But this month, the market is not holding up as well.
After earnings disappointments the market is in the control of the short-term bears. If the S&P 500 cannot fill the pull back gap and close above $205 in short order, the bears may become more emboldened to challenge $200.
I also cannot make sense of the flight to investment grade bonds. This just highlights the lack of conviction in the market right now.
Have a great trading day!
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