US equity indexes closed very significantly lower, SPX -66pts (1.7%) at 3789. Nasdaq comp' -1.8%. Dow -1.7%. The Transports settled -1.0%. R2K -1.5%
SPX - daily
VIX - daily
Summary
US equities opened a little higher, and entered a holding pattern ahead of the Fed.
The Powell duly appeared...
... touting the usual Fedspeak nonsense.
The late afternoon saw a rally attempt, but it stalled at 3907, with a closing hour implosion to break a new multi-month low of 3789.
Volatility was mixed, the VIX printing 30.18, cooling to 25.55, and settling +3.1% to 27.99. The s/t cyclical setup favours the equity bears, not least on a Thursday.
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