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Stocks Have Partied Hard Since Election Night...Now Comes The Hangover

March 23, 2017

The market is now on very thin ice.

Yesterday worked off some of the “oversold” status for stocks, but we are in extremely dangerous territory today.

The S&P500 has taken out critical support (red line) as well as the bull market trending running back to early November (blue line).

More concerning for the bulls: bank stocks, which lead to the upside, are now leading to the downside. It looks as though the ENTIRE move in the markets since election night is going to unwind.

This is a major wake up call, I hope you’re paying attention. The markets have rallied on hype and hope of the economy roaring back to life... but that's not coming for another 12 months (at the earliest.

Stocks partied hard starting election night. Now comes the hangover.

Graham Summers

Chief Market Strategist

Phoenix Capital Research

Graham Summers is Chief Market Strategist for Phoenix Capital Research, an independent investment research firm based in the Washington DC-metro area with clients in 56 countries around the world.

Graham’s clients include over 20,000 retail investors as well as strategists at some of the largest financial institutions in the world (Morgan Stanley, Merrill Lynch, Royal Bank of Scotland, UBS, and Raymond James to name a few). His views on business and investing has been featured in RollingStone magazine, The New York Post, CNN Money, Crain’s New York Business, the National Review, Thomson Reuters, the Glenn Beck Show and more.