Developed stock markets are increasingly vulnerable. In the USA, volume has been skewed to down issues since March and an internal bear market (when more than 50% of stocks in the NYSE trade below their 200 day moving average) is close to being confirmed. A bounce is due but as long as 1311 on the S&P 500 holds as resistance, the bear trend is on. 1.4732 EUR-USD is a critical resistance for the bearish technical case.
HSBC Global Research