This week we had a little bounce. Interestingly though, there were still more new lows than new highs in the NYSE.
Let's compare the 2008-2009 downturn in the NasDaq to our current downturn.
Current downturn in NasDaq - about 7 months so far.
We are obviously still in Stage 4 - downturn! Let's see what develops over the next few months.
This week and the week prior, saw some stabilization on the downward trend we've been in since December 2021. All my indicators remain in the red however. We don't know if this is just a pause and we don't know which direction we will go from here. We are still in Stage 4 decline.
Looking at market sectors, the only well performing sectors for the last month are Energy, Utilities and Materials. Especially interesting is XLE which lagged the market recovery from COVID up until recently as it now outperforms the others. See this Stockcharts graph.
