We're now 1000 points below the all-time high in the S&P 500 and down 21% in total.
It's all coming undone today with the index down 118 points to 3781, or 3.0%.The May low has broken and that opens up a lot of space until there's any big support.
I can't help put look at the pre-pandemic high near 3400 as a target.
We've gone from pricing in higher rates. To high rates and a soft landing. To higher rates and a hard landing.
The market is looking like a recession is the baseline and there's nowhere to hide.
The dollar continues to pull in foreign flows with the euro at the lows of the day, down 87 pips to 1.0427.
