S&P 500 Bull Market Showing Signs of Fragility

Equity and bond markets down amid geopolitical tensions

Published on Mar. 8, 2026

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The S&P 500's bull market remains intact, but is exhibiting increased sensitivity to macroeconomic shocks, according to a market report from veteran trader and analyst Erik Conley. Both the equity and bond markets saw declines this week, with geopolitical tensions cited as a key factor.

Why it matters

Conley's report provides insights into the current state of the markets, highlighting the potential vulnerabilities of the S&P 500's ongoing bull run. As an experienced trader and analyst, his perspective offers valuable context for investors navigating the evolving market landscape.

The details

Conley, who has over 28 years of experience as a professional trader, analyst, and portfolio manager, notes that the equity and bond markets were down this week, with geopolitical tensions cited as a key driver. He emphasizes that the S&P 500's bull market remains intact, but is showing increasing signs of fragility and heightened sensitivity to macroeconomic shocks.

  • The report was published on March 8, 2026.

The players

Erik Conley

A veteran trader, analyst, and portfolio manager with over 28 years of experience. He previously ran the equity trading desk at Northern Trust Co. in Chicago and is now a private investor, the founder of a nonprofit investor advocacy firm, and a private investing coach.

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What they’re saying

“As the song goes, "War. What is it good for? Absolutely nothing." (Barrett Strong and Norman Whitfield, 1970). That seems to be what the equity and bond markets are saying, in a week when both were down.”

— Erik Conley, Veteran Trader and Analyst (Seeking Alpha)

The takeaway

Conley's report highlights the potential vulnerabilities of the S&P 500's ongoing bull market, as the index exhibits increased sensitivity to macroeconomic shocks and geopolitical tensions. Investors may want to closely monitor the market's performance and consider diversifying their portfolios to mitigate risk in the current environment.