The stock market is not the economy. Growth and #EarningsSlowing has not changed; the markets re-rating of those economic risks have.
Across our core risk management durations, here are the lines that matter to me most:
1. Immediate-term TRADE resistance = 1426
2. Intermediate-term TREND resistance = 1419
3. Immediate-term TRADE support = 1404
In other words, the market is now bearish TREND. What was support is now resistance. If TREND resistance remains, long-term TAIL support of 1354 is in play.
Risk moves fast,
KM
