Markets Stage Reversal After Broad Sell-Off, Risks Remain But Epicenter Holding Up Well

Key Takeaways

- S&P 500 closed at 4,455.48 up from 4,432.99 last week. The closing level this week is within a few points of the close two weeks ago.

- Monday saw a vicious sell-off with an intraday low of 4,305.91.  Markets closed up 3.4% from that level on Friday.

- Despite the VIX spiking to an intraday high of $28.86, credit markets didn’t budge much, which helped us advise to lean into the sell-off. VIX closed, remarkably, at $17.75.

- Key risks remain to the market ...

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