On Tuesday, $Cboe Volatility Index(VIX)$ rose over 38%, with $W&T Offshore(WTI)$ dropped below $70 per barron for the first time since January and is now down 2% on the year.
“$WTI continues to drop amid global demand weakness and particularly, continued worries about Chinese growth. On the supply side, the current shutdowns in Libya may be resolved soon and OPEC+ sources have touted production increases in October. Bounces may run into trouble around the broken $72/73 zone. “—@forexanalytix from X platform
The negative line of the $S&P 500(.SPX)$ on the first trading day of September does send a pessimistic signal. The Market wiped out $1 TRILLION from the US stocks.
Some data shows there are 94 stocks listed in the $S&P 500(.SPX)$ that are currently in a bear market, which makes up 18.7% of listings.
Bear market territory is considered to be when a stock is down more 20% from its 52-week high.
Last week, there were 85 S&P stocks [16.9%] in bear market territory, meaning there's been a net increase of 1.8% more.
September bearish fears spread,
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Some point said that: $Cboe Volatility Index(VIX)$ and $SPDR S&P 500 ETF Trust(SPY)$ have an inverse correlation. The higher this goes, the lower the market will go.
Time to buy $Cboe Volatility Index(VIX)$ $Volatility Index - main 2409(VIXmain)$ $VIX Volatility Index(VVIX)$ ? and Short $SPDR S&P 500 ETF Trust(SPY)$ $Invesco QQQ(QQQ)$ $GLOBAL X DOW 30® COVERED CALL ETF(DJIA)$ ?
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