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S&P 500 hesitation was all too palpable yesterday – with a distinctly bearish bias. Yes, I'm looking at the Nasdaq run going overboard while financials keep showing the real way. What's worth noting in this respect, is Yellen's remarks on not considering broad increase in deposits insurance, which had been as much driving this week's banking moves as the tough Powell stance I readied you for.

First, corporate junk bonds protested via their inability to rise in this distinctly risk-off environment (Wednesday and Thursday), and then attention shifted to where the banking chain is facing stress (DB today – this stock has been on my radar screen for quite a while already).

The stock market results have been as predictable as the setup... Note not only the commodities underperformance vs. precious metals as new orders component keeps pointing solidly south – no, bull markets don't really start when LEIs still keep declining, no, I continue saying – but the dollar is confirming the risk-off shift with a solid intraday upswing.

This Friday offers one heck of a ride (initially maybe a bit up as market bets on Powell to do a U-turn, are high) – thanks again for another smashing week at your serviceno matter all the BS. Your comments and replies are smashing, thank you so!

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Let's move right into the charts (all courtesy of

S&P 500 and Nasdaq Outlook

4,045 together with 4,015 are out of sight again, then 3,945 - 3,958 „point of control“ zone looks unlikely to be broken to the upside on a closing basis later today, and the real battle would be waged at the 3,915 – 3,927 milestones (with 3,884 would be then next bearish objective).

The DB catalyst is moving that already for today rather than next week, which would be great given the atrocious NYUD as opposed to NYAD while NYHL point south – yeah, bad market breadth as tech rejection looms).

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