The S&P 500 is now down 101 points to 3656. The low in June was 3636.

The September bounce ended with CPI and the FOMC finished the job. There was some buzz about Powell saving the day today but -- as I repeatedly warned -- it was a Fed Listens event and those aren't spots from monetary policy pronouncements.


We're already seen the Stoxx 600 and DAX break the 2022 lows. It's been a brutal one-way move so a bounce will come at some point and now would be a good time.

There's a good chance of something breaking the way we're going, if you don't consider what's happened in the bond market as 'something breaking'.