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On Tuesday morning the popular averages started to rebound from Monday’s plunge, then reverted to an essential repeat. This as investors continue to panic over the potential spread of the Chinese cornavirus. The Centers for Disease Control said the current risk in the US is low, but based on global reports the coravirus will likely become a pandemic, and the US must be fully prepared to handle a worsening situation. Keep washing your hands, and never touch them to your face.The market related concerns are about the disruptions of manufacturing supply chains and consumer purchasing  habits.

  Above is my three-month chart for the S&P 500 ETF (SPY). The price commenced an extended rise on October 9 that continued until a dip after Thanksgiving. That was quickly followed by a Santa Claus rally that kept going into the new year. It was encouraging that the late January dip was halted by the 50-day moving average. On February 19 the SPY attained all-time intraday and closing highs.

   Then came the collapse beneath the 50-day MA on Monday with continuation on Tuesday. The panic driven dive, amid increasingly heavy trading volume and an extremely elevated volatility index, suggests that a meaningful bounce could be in sight.

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Market Outlook

ETF Holdings       Stock Holdings

       None                     TSLA                                     

© Curt Renz

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DISCLAIMER: Our commentaries are provided as general information and not investment recommendations. You are responsible for your own investment decisions. Our opinions are based on historical research and data believed to be reliable. There is no guarantee that results will be profitable. We are not responsible for errors or omissions. We may hold positions in vehicles that are mentioned.

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