Financial conditions tightened since early Feb on "hot" data, softer expected Feb inflation + jobs offsets and reinforced "data dependent" Fed not "data reactive"

This has been a rough few weeks for equity markets, with the S&P 500 falling 5% from recent highs. There are many skeptics who are now "top calling" saying the dominant bear trend is resuming. But as our clients know, this is not our take.

the "seasonal" payback of strong January seems to be playing out and as Mark Newton, Head of Technical Strategy at Fundstrat, notes, the S&P 500 is at critical support.and as the "rule of 1st 5 days" shows, equities are in the midst of the payb...

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