When we have a true bottom with blood in the streets, do money managers go on television and tell the viewers they are pinching themselves with the opportunity or are they scared out of their wits to touch stocks?
Monday's analysts highlighted the 200-day moving average, which the market fought over briefly but quickly dismissed. This week the S&P 500 breached its 50-week simple moving average, which appears to be more significant.
The last failed bounce extended down without delay to fresh lows at 1915.00 . Hope springs eternal, and Thursday's last failed bounce to 1928.25 was attacked to within one tick. That was into and out of Europe's opens. And that was the end of that. A new down leg fell to new lows at 1911.25 .