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Hi.  Peter Navarro here with my weekly economy and market wrap for the week ending September 22, 2023.  Just seven days ago, I warned that bearish market forces were steadily gaining the upper hand; and for the last six weeks I’ve similarly warned that the US stock market, as best measured by the S&P 500 was stuck in a trading range, with the growing likelihood of a bearish reversal and significant market correction.

For these last six weeks, the S&P 500 has indeed fallen five of the six weeks; and this week’s action marked one of the worst of these weekly bearish mauling’s.  For the week, the S&P 500 fell 2.9% and the NASDAQ dropped 3.6%, the biggest drop for both indices since March.

I will take a deeper cut at what is going on in my next substack and podcast post on Monday; but for now, here’s the basics.