Over the last three weeks, as interest rates surged above 3%, we explored the question of whether something had “just broken” in the market.
As I stated last week:
“This past week has been a decidedly tough struggle for stocks to pick themselves up after last week’s drubbing. While we saw a sharp reflexive bounce earlier this week, that bounce quickly faded as stocks returned to retest support at critically important levels.”
While the market was oversold last week, there was no follow through on bounces which ultimately led to “crash” open on Friday morning.