Friday’s sell-off came a day earlier than originally expected and pushed past our initial target by a few points. But, of course, it was long overdue in a general sense — adding to the general sense of panic that would otherwise never be associated with a 2.4% dip.
We saw futures continue lower yesterday, testing 2100 before a sharp upturn this morning.
To be clear, there is a real risk of the Fed dropping the ball here. They’ve done it before, and they’ll do it again. If all depends on what happens when SPX tests our secondary target: the SMA100 at 2120.
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