NEW YORK, New York - U.S. stocks traded lower on Thursday, extending losses from Wednesday which followed a two-day bounce.
"There are very few stocks in uptrend right now," Josh Brown, co-founder and CEO of Ritholtz Wealth Management told CNBC's "Halftime Report" on Thursday.
"And that is why I think these rallies are all guilty until proven innocent."
"We're going to have these rips, but like, the market gets turned away from the 200-day all the time this year. And until that changes, I don't think there's any reason that anybody should change their mind from the current psychology, and that lower high, lower low trap that we've been in really since January 3rd is still intact," Brown said.
"It's really not a complicated market to figure out," he added.
The Dow Jones industrials shed 346.93 points or 1.15 percent to close Thursday at 29,926.94.
The Nasdaq Composite fell 75.33 points or 0.68 percent to 11,073.31.
The Standard and Poor's 500 dropped 38.76 points or 1.02 percent to 3,744.52.
The U.S. dollar steamed ahead as stocks fell. The euro tumbled to 0.9799 by the New York close Thursday. The British pound crumbled to 1.1165. The Japanese yen slid to 145.09. The Swiss franc was lower at 0.9902.
The Canadian, Australian, and New Zealand dollars were sharply lower at 1.3744, 0.6412, and 0.5658 respectively.
On overseas equity markets, the FTSE 100 in London dropped 0.78 percent. The CAC 40 in Paris was off 0.82 percent. The Dax in Germany slid 0.37 percent.
In Japan, the Nikkei 225 shed 236.04 points, or 0.87 percent to 27,356.57.
The Australian All Ordinaries was flat, finishing up 2.60 points or 0.04 percent at 7,033.50.
In New Zealand, the S&P/NZX 50 declined 54.77 points or 0.49 percent to 11,125.24.
South Korea's Kospi Composite gained 31.84 points or 1.44 percent to 2,247.06.
In Hong Kong, the Hang Seng lost 75.82 points or 0.42 percent to 18,012.15.
China's Shanghai Composite was closed for Golden Week.