So much for the TRUCE. As we warned earlier today, Credit and (still) the number one risk indictor, the JPY, simply refused buying this rally all day today. Eventually the equity space got a really check.
S&P 500 reversed right on that 100-day average at 2815 yesterday and has resumed moving violently lower. The big range continues as markets continue frustrating most. This is pure p/l pain as momentum chasers once again learn the hard way.
NASDAQ futures putting in a huge reversal right on the 200-day average. Consolidation with a negative “twist”.
Source; charts by Bloomberg