The uptrend since March breaks
The similar trendline broke earlier this week in the Nasdaq, now it's broken in the S&P 500 as well.
Even with that break, I just can't get behind the idea that this is going to be a lasting decline. The pandemic is ending and Powell isn't anywhere near tapering or hiking rates, he's been clear about that.
The bond market has equities rattled but QE and YCC elsewhere is going to limit spreads in bonds and I don't think the market can price in real inflation until it happens.
The elephant in the room is tech though. It ran way too far last year and a company can easily go from a 100x multiple to a 50x multiple for no reason other than a change in sentiment.
