By Ino.com
The S&P 500 and stock market were under heavy pressure in early trading as the “R” word was thrown around. The S&P 500 was down as much as -2.3% earlier in the session. At the day’s lows, the S&P 500 was -20.9% below its intraday high in January, which would signal an entry into a bear market.
There’s no official bear market designation on Wall Street. Some will count Friday’s decline at the intraday lows as confirmation of a bear market, whereas some may say it’s not official until it closes -20% off its high. Regardless, it’s the biggest downturn of this magnitude since the rapid bear market in March 2020 at the onset of the pandemic.
The S&P 500 finished +0.01% higher to 3,901.36 on Friday. The DOW rose 8.77 points, or +0.03%, to 31,261.90, and the NASDAQ fell -0.30% to finish the week at 11,354.62.
For the week, the DOW lost -2.9% for its first eight-week losing streak since 1923. The S&P 500 lost -3.05% for the week, while the NASDAQ shed -3.82%, with both posting seven-week losing streaks.
As for Bitcoin, which we’ve been keeping an eye on, it’s staring a new record down. And that record would be its consecutive losing week record, which now stands at seven consecutive weeks.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
I have this question: Will we see 20k or 40k first from Bitcoin?
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 4,307.66
- Dow (INDEX:DJI): 34,117.74
- NASDAQ (NASDAQ:COMP): 12,985.01
- U.S. Dollar (ICE:DX): 102.35
- Gold (NYMEX:GC.M22): 1,811.60
- Crude Oil (NYMEX:CL.M22): 105.10
- Bitcoin (BITCOIN:BITSTAMPUSD): 40,050.19
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
By Ino.com – See our Trader Blog, INO TV Free & Market Analysis Alerts
Source: S&P 500 Flirts With Bear Market
- The British index has updated the historical maximum. Oil lost 5% over the week May 3, 2024
- US Fed tilts towards a rate cut despite the postponement. HKMA left the rate unchanged at 5.75% May 2, 2024
- Brent crude oil hits seven-week low May 2, 2024
- Target Thursdays: USDJPY, Copper & EURCAD May 2, 2024
- WTI oil declines on rising inventories and negotiations between Israel and Hamas. Rising unemployment in New Zealand may force RBNZ to start cutting rates earlier May 1, 2024
- Bitcoin stumbles below $60k ahead of Fed May 1, 2024
- Expert Says Now Looks Like a Good Time To Buy This Renewable Energy Stock Apr 30, 2024
- Optimism over corporate earnings is fueling stock indices. The Hong Kong index reached a 5-month high Apr 30, 2024
- FXTM’s Copper: Hits fresh two-year high! Apr 30, 2024
- European indices grow on the ECB’s “dovish” position. Quarterly reports of mega-companies support the broad market Apr 29, 2024