The weakness we’re seeing in the stock market in response to the Fed’s announcement & Chairman Powell’s press conference is taking the major averages & key leadership groups down to critically important support levels. So, any further decline will confirm a change in trend for the stock market.
We believe that the most important development of the past six months has been the WIDE divergence between the bond & stock markets. With investors coming to believe that the “higher for longer” narrative for interest rates is for real, it is very likely that the divergence will be resolved with a drop in stock prices.
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