Hello Everyone,
Quick Notes: The market started off on a strong note but stalled out and failed to break any important resistance levels, and then sold off the rest of the day, and strongly into the close. As I stated on the weekend, the onus is on the 'bull's and they couldn't deliver the goods. Also, more negative news came out regarding the Chinese investment property market regarding a missed payment, which helped exacerbate the afternoon sell off. Here's an article from Zero Hedge that I posted over the weekend, that is an eye opener to that potential debt time bomb.
https://www.zerohedge.com/markets/catastrophic-property-sales-mean-chinas-worst-case-scenario-now-play
Otherwise, it's still possible for the 'bulls' to defend the market, and form a higher low, but they need to come out strongly. The 'Onus' is on the bulls.
CPI, PPI numbers will be scrutinized over the next couple of days and this week earnings season has started - quite a few banks and financials are reporting from Wed - Friday.
Matt
