This week could be the first of the last 8 weeks that the SPX is going to close above the previous week high.
The downside price trajectory have been relevant to historical standards in the last 5 months. Marker participants have been repricing key sectors that are likely not well position for a inflationary environment.
Today, Treasury Secretary Yellen has admitted that she did not fully understand inflation. I did not expect that from here. The FED Balance Sheet was a/the key driver of equity returns for the last 15 years. More to come on the topic on the next note…