Jim Bianco: This correction is bigger than March

2/6

The S&P 500 (blue) closed below its 200-day moving (orange) average for the first time in 154 days.
Technicians look at this as the primary trend of the market.

Right now, this metric says the primary trend is down. pic.twitter.com/DMTnINXFvT

— Jim Bianco (@biancoresearch) October 21, 2023

4/6

… take out the Magnificent Seven stocks (red); the "S&P 493" (blue) is down for the year and the lowest since the bank failures in March. pic.twitter.com/FTA19GXO7o

— Jim Bianco (@biancoresearch) October 21, 2023

6/6

Last year was a 25% bear market. The belief is it ended on Oct 12, 2022.

A year later, the mkt cannot rally, save 7 stocks. It has yet to make a new high, the basic definition of a bull mkt.

This looks more like a big bear market correction than the 2nd year of a bull mkt.

— Jim Bianco (@biancoresearch) October 21, 2023