A severe drop in the stock market now appears to be very likely, at least according to one bank.
Technical analysts for HSBC– one of the largest banking and financial services organizations in the world say:
“The possibility of a severe fall in the stock market is now very high.”
In an article that appeared on several news websites including CNBC, HSBC has raised the bank’s outlook for U.S. stock markets to “Red Alert” following an aggressive wave of selling. The updated “Red Alert” comes after the bank issued an “Orange Alert” back in September, when it saw similarities between the current market index trading patterns, and similar configurations that were seen just before the 1987 “Black Monday” stock market crash.
CNBC reported that in a note to clients released today, Murray Gunn, the head of technical analysis for HSBC, said:
He had become on “RED ALERT” for a looming sell-off in stocks given the price action over the past few weeks. Gunn said the selling would truly set in if the Dow Jones Industrial Average were to fall below 17,992 or if the S&P 500 were to dip under 2,116. The Dow closed at 18,128 on Tuesday, while the S&P settled at 2,136. HSBC says that this past Tuesday’s market sell-off, when the Dow lost 200 points, was both “broad-based” and showed “intense selling pressure”; both of which are factors in the bank’s decision to crank up the alert level.
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