Merk Research: U.S. Equity Market Chart Book February 2019

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Includes: ACWF, ACWI, AIIQ, DDM, DGT, DIA, DOG, DTEC, DXD, EEH, EPS, EQL, ESGF, ESGW, FEX, FIHD, FLQG, FLQH, FWDD, GLQ, HDMV, HUSV, IVV, IWL, IWM, JHML, JKD, OTPIX, PSQ, QID, QLD, QQEW, QQQ, QQQE, QQXT, RSP, RWM, RYARX, RYRSX, SCAP, SCHX, SDOW, SDS, SFLA, SH, SMLL, SPDN, SPLX, SPUU, SPXE, SPXL, SPXN, SPXS, SPXT, SPXU, SPXV, SPY, SQQQ, SRTY, SSO, SYE, TNA, TQQQ, TWM, TZA, UDOW, UDPIX, UPRO, URTY, UWM, VFINX, VGFO, VOO, VT, VTWO, VV, WBIL, XMX
by: Axel Merk
Summary

The market has recently rebounded substantially from being down 19.8% from the September high.

My base case scenario remains that we are in the midst of normal correction in an ongoing bull market and that the S&P 500 will recover to make new all time highs before the next bear market.

My biggest concern remains weakness in the global economy, specifically China and Germany.