As disconcerting as yet another retracement of the opening S&P 500 losses may appear, there hasn't been any breaking-news development.
As you can see, the credit market metric of high yield corporate bonds to short-term Treasuries keeps trading down. That serves to confirm the thin air as the S&P 500 challenges 2800, and actually points to a disconnect between the two markets. And it's the bond guys who usually get it right, which is one more reason apart from the fundamental coronavirus fallout, why we expect renewed selling in stocks.
Stock Trading Strategist
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