Over the last week, the market has been quite volatile. Overall, the S&P 500 is down another 3.2%, while the Russell 2000 and Nasdaq are lower by 4.4% and 5.6%, respectively. Of course, this is a continuation of last week’s market action which also saw pullbacks of similar magnitudes.
What’s interesting is that that these losses have come about as the market has been in the midst of a bottoming attempt since last Monday. So far, I’m not impressed.
On Monday, the market had an impressive bounce off the 4,220 level and eventually reached 4,453 in the initial moments following the FOMC decision. However, the bulk of these gains have been lost in the ensuing sessions.
Here are some reasons why I think this bounce attempt will rollover…
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