Charts I’m Watching: Aug 8, 2023

Futures are down sharply as yesterday’s currency moves and VIX smackdown are being unwound by Moody’s banking downgrades.  At least banks aren’t waking up to a 40% windfall profit tax such as Italy just imposed.

This timely bit of truthiness certainly has the potential to get ES to our SMA50 target in the lead up to Thursday’s CPI print. As for XLF, the timing couldn’t be worse.

Fear not, the Fed is already tapping the brakes.

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