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What a day. US markets were totally whacked today as all indices broker huge supports. Earlier today we reasoned around whether or not it was time for a contrarian bounce, but we decided to only The sell off today clearly has the anatomy of forced liquidations and going against these flows is not a pleasant thing.
Our comparison of the was more of a macro musing, but price action today is all but healthy for the bulls.
NASDAQ broker massive levels.
SPX broke the huge 2600 level. Next stop is 2500, and (if) then the 2400 level. Do note that the SPX did trade slightly lower during the February lows, but the close today is lower, despite the last minute mini bounce.
VIX spiked to highest levels since the February sell off.
The VIX curve, below the 1 versus 6 months futures, exploded to highest since the February sell off. Stress continues in volatility land.
Just as we suggested in our post last week, . The big underperformer among FAANGs today was mighty Amazon.
Let’s see if Powell can turn this around?
Source: charts by Bloomberg