Just when it looked as though the market was starting to look up, with the big indexes moving above their 30 week moving average, Fed Chair Powell let it rip that we are in for more pain. Yikes!
As Mary Ellen McGonagle put's it "Fed Chair Powell's comments today that bringing down prices "is likely to require a sustained period of below-trend growth and an increase in unemployment" brought the markets to its knees."
My favorite chart is offered up by Jill Mislinski at Advisor Perspectives in this article.
With all that, we are clearly still in Stage 4 decline. Here is a chart showing where we are on the S&P. Notice the 30 week moving average continues to slope down.
