With Trump announcing tariffs, Thursday and Friday have seen the most bearish price action since March 2020. Some are using the C word… but that still isn’t merited. I’d accept some individual stocks are in semi-crash mode.
We’re clearly s/t oversold, and prone to a multi-week bounce, with a fair number seeking a back test of the 200dma (and effectively… the monthly 10MA) in the 5700s within May/June.
As I noted at the end of March, I see the main market as ‘Mid term broken’, and I lean net bearish into the ‘seasonal flooring time’ of October.
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Even the once beloved Nvidia is m/t broken, having already fallen from the $152s to $92s.
Natural target is psy’ $50, although that looks out of range until Sept/Oct’.
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