The market had been hit hard with almost a 10% correction in a matter of a few days - The VIX surged over 100% which was pretty historic and billions of dollars were wiped out. Market had lost over a trillion in value during this drop. Nobody seems to know why it has been selling off which is a big red flag to me.
Possible Scenarios 1. War 2. Impeachment 3. Olympic Fears 4. Government Shutdown 5. Other Political bullshit
What I believe we're seeing right now is a dead cat bounce and we should see a further correction. I like using moving averages as my indicator so these are the levels I'd be watching, if it drops below all moving averages in the coming months it could be a pretty vicious bear market and a scary time for the political and financial state of America.