Summary
The bad stock and bond market days continue to pile up and we are reducing our intermediate-term technical assessment to bearish. On Wednesday, the S&P 500 (SPX) lost 1.4%, the Nasdaq and the Nasdaq 100 (QQQ) dropped 2.4%, and both the S&P MidCap 400 (MDY) and the Russell 2000 (IWM) fell 1.5%. The indices all made new closing pullback lows and the IWM is testing the bottom of a range that goes back to April 2022 and is 31% from its November 2021 all-time high.
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