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Ahe week isn’t starting off on a positive note for bulls as the S&P 500 is on pace to open the day with a decline of over 2%. After a 40% rally off the lows, investors are reassessing where the markets stand relative to the pace of economic growth and the potential of a wider outbreak across the country. While equities have come a long way and may have gotten ahead of themselves in terms of short-term fundamentals, trends in the coronavirus outbreak haven’t materially changed in the last few weeks. The only difference is that they have attracted more headlines.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, moves in overseas markets, economic data out of China, global and national trends related to the COVID-19 outbreak, and much more.
Last week was a nasty one for the major US equity indices. With declines in the range of 8% or more in the small-cap space to a drop of 1.59% for the Nasdaq 100, all of the major index ETFs we track in our Trend Analyzer were down on the week. While the week started out with every index at either overbought or ‘extreme’ overbought levels, by the end, every single one of them besides QQQ finished the week in neutral territory relative to their trading range and neutral in terms of their short-term timing scores. Concerns over an acceleration in the virus outbreak have clearly weighed on sentiment as of late, and how this week plays out will go a long way in determining how the summer is going to play out.