〽 Early gains were turned into heavy losses yesterday – a fight that could be very costly for bulls. Is this correction going to last?
Equity markets attempted a rebound yesterday in the morning only to completely reverse course during the US trade. Bulls are facing multiple headwinds: US dollar repositioning (it was extremely oversold), pandemic deteriorating again, economic data pointing to slower recovery and now president Trump suggesting he could not transfer power should he lose in November elections.
Looking at US500, the index is testing local highs from early June. On the other hand, a 38.2% retracement of the rally would see the index slide towards 2960 support.
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