After touching 2030, the S&P 500 is now in mildly negative territory at 2019. The move has pulled USD/JPY down to 118.83.
The S&P 500 rallied nearly 10 points after the ISM data on thinking that slower growth would lead to a less-hawkish Fed but that’s some fanciful thinking. US companies need growth more than anything right now and even with rate hikes, the cheap money will be sustained by the unstoppable bond market.
Update: The S&P 500 just took out the 61.8% retracement of the rally since Dec 15 and the trend line.
S&P 500
