Last week began with fears on an Evergrande (China’s leading property developer) debt default fueling a technically damaging gap down. The Monday morning gap put the SPY and QQQ well below their 50-day moving averages (DMA), the IWM well under its 200-DMA, and China’s large-cap ETF (FXI) at a new 52-week low. Global equity markets recovered quickly with the US equity benchmarks leading, and more specifically led by Grandpa Russel (IWM), which closed up +2.79%
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