SPX breakdown unexpected, but doesn’t look to extend much further

The big switch in the Dot plot to match Swaps markets pricing of fewer cuts for 2025 caught the market off-guard on Wednesday, resulting in a trend violation for SPX while the NASDAQ managed to show divergence positively. SPX price seems to have caught up quickly with the recently deteriorating market breadth, but given the SPX cycle bottoming by late this week, I suspect that weakness proves short-lived and minor in scope before ...

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