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Equity Bear Cycle Extends

  • Equity markets are in a clear downtrend and indications are that, from a technical perspective, the broader bear cycle is not over. A number of technical trend signals continue to highlight a bearish condition.
  • Moving average studies - the 20- and 50-day EMAs - are in a bear mode condition and recent corrections have stalled at price levels around the 50-day EMA. The 50-day EMA is regarded as a key resistance when the market is trending down.
  • A broader bearish price sequence of lower lows and lows also clearly highlights a bearish direction and a sell-off to fresh cycle lows in a number of indices this week, has confirmed an extension of this price pattern.
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