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No help from the Fed: the S&P 500 extends its decline to 100 points. Now 20 points off June lows


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

The September rebound ended with the CPI and the FOMC finished the job. There was some buzz about Powell saving the day today but – as I have warned many times – this was a Fed Listens event and these are not spots for monetary policy statements. .

We’ve already seen the Stoxx 600 and DAX break 2022 lows. It’s been a sharp one-way move, so a bounce will come at some point and it would be a good time.

There’s a good chance something will break the road we’re on, if you don’t consider what happened in the bond market as “something that breaks”.

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