SPX Gearing to Create 22 Year Bearish Record: Will Bitcoin Follow?
The S&P 500 index’s [ SPX ] performance has not been impressive lately. A recent Analysis by Bloomberg pointed out that 19 trading sessions have passed so far in August without a single consecutive gain registered by the benchmark stock index. If the SPX wraps up August this way, the index will create a new 22-year bearish record. Specifically, the report noted, “ It will be the first month without two consecutive up days since May 2010 in the aftermath of the global financial crisis. “ Source: Bloomberg Also Read: MicroStrategy’s Balance Sheet Comprises of ~75% Bitcoin By the end of July, the SPX was up almost 30% from its October lows. Nevertheless, the latest struggle is a reflection of the lack of conviction among investors after the sharp AI rally. Furthermore, investors initially believed that the Federal Reserve would shift to cutting interest rates once the economy cooled. However, with no respite in sight, market conditions have worsened. Acc...