The Dow has now followed the S&P by making a new low for the year. Also both the Dow Industrial and Dow Transport indexes have closed below their October lows so a Dow Theory confirmation is now signaling that a bear market is underway.
Markets are short-term oversold on extreme sentiment and momentum readings so a holiday bounce is likely to develop to alleviate this condition, and lure in more buyers, before the bear bites back early in 2019...
Stock Market Melt-Down?, page-43
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