Another volatile week as bulls and bears spar about growth

US stocks slipped again last week and retested their lows of the year as traders bet a Federal Reserve rate hike will come in September and further slow global growth.

This week promises to be volatile as bulls and bears spar over growth, the Fed and technical levels.

Bulls on Wall Street say the Dow Jones Industrial Average's resilience at the 16,000 level during selloffs on Tuesday and Friday confirmed that the August correction was over. They say China's stock-market rout is a temporary scare and that the Fed's rate hike, even if it comes at the next meeting on Sept 17, is already priced into the market.

Bears argue that renewed Chinese instability and the reality of US rate hikes could be enough…