After nailing the market reaction to Powell today, we discuss the ramifications of what occurred in today's market, including numerous macro indicators that are strongly suggesting the next leg down has arrived. We go over these macro indicators, as well as discussing the potential downside targets for the S&P in the weeks and months ahead.
What follows is an excerpt from tonight's note.
In the February 5th edition of Turning Points when I put out the call to take off all of our long exposure while taking on the first leg of our short positions, I presented numerous data points demonstrating the potential trouble that lie ahead for the markets.
Today rivals early February in terms of the importance of what has occurred following the first day of Powell's testimony.
And similar to early February, adding to our short exposure this week will more than likely be a decision with high potential for positive expected value in the weeks ahead.
I'm not going to be focusing on the indices here tonight, instead choosing to focus on five macro indicators that strongly suggest that the markets started their second leg down from the early February top today.
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