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Extreme fear will actually keep the U.S. stock market grinding higher

There’s a consistent pattern that occurs in stock market sentiment.

When the market starts to pull back, many sentiment measures move to bearish extremes. This is important because the market tends to fool the majority, and when everyone gets scared, it is usually a good time to buy. I have been writing about it for the past three years, and I am discussing it now because it just happened again recently.

During the second half of June, the U.S. market, as represented by the S&P 500 Index SPX, +0.73% started to decline, and many momentum leaders suffered from profit taking.

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