Are Stocks Close to a Short-Term Bottom?
Stock prices went lower again – is a short-term bottom in?
The S&P 500 index lost 0.90% on Monday, as it further extended its last week’s decline following Wednesday’s FOMC interest rate hike. On Friday the index lost 1.1% and on Thursday it sold off by 2.5%. Yesterday the broad stock market index reached its new local low of 3,800.04.
The S&P 500 index is expected to open slightly lower this morning and it may see an attempt at retracing some of the recent sell-off. For now, it looks like a temporary bottom before an upward correction.
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