Payne's Perspective: July 19, 2021: Swagger Stumbles
The S&P 500 is still well above the trendline that marked the start of the current bull market (see the chart on the left) and could actually pull back to 4,200 before facing a must-hold test of support.
Conversely, the decline last week (chart on the right) picked up momentum, suggesting a greater sense of panic. But, again, mitigating factors are overall at a very low volume – there was no mad rush for the exits by the masses and this is also typical of summertime doldrums.
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