Dip-buyers with hearts set on a quick restoration of record highs in the S&P 500 looked poised for disappointment. After rallying as much as 8 percent from its February lows, the index has now fallen in seven of nine days, pushing market anxiety as measured by the Cboe Volatility Index two roughly twice its average level in the last two years.
“We’re still working through the correction that started in February,” Jason Browne, chief investment strategist at FundX Investment Group. “We may re-test the lows, or we may even go a little lower. All we know for now is where the first leg stopped and that we moved back up so fast we lost momentum before getting back to new highs.”
This article was provided by Bloomberg News.