The S&P 500 corrected some of the previous week’s losses and rose by 2%. Despite last week’s gains, the market remains in a downtrend technical formation, and the S&P is 8.5% below its peak. A bear market is defined as a 20% pullback from the peak. The market is far from a bearish definition, however, I believe that the downtrend will continue. Declines are not always the result of economic weakness. After nine bullish years, the fear factor may take the driver sit and lead further declines.

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