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Sep 06 2022

“Offense” Remains Sturdy During This Pullback

  • Sep 6, 2022

The stock market rally from the June low failed to break through its 200-day moving average on August 16th, and the S&P 500 has since fallen on tough times. The market advance was seemingly clipped, and the Bears again ruled! The decline began during the preamble leading up to Jackson Hole, and the S&P 500 completely collapsed after Chairman Powell’s hawkish speech reiterated the Fed’s resolve to bring inflation under control. The index dropped by about 9% from its recent high and is more than 18% below its all-time high.

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James Paulsen

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James Paulsen / Chief Investment Strategist

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