Wednesday 22 March 2023

Rate hike nine

US equity indexes closed very significantly lower, SPX -65pts (1.6%) at 3936. Nasdaq comp' -1.6%. Dow -1.6%. The Transports settled -2.0%. R2K -2.9%.

SPX - daily

VIX - daily


US equities saw a holding pattern into the 2pm FOMC announcement.

As expected, we saw rate hike nine of 25bps to 4.75-5.00%

Equities saw an initial spike, with the SPX printing 4031. 

The Powell duly appeared at 2.30pm...

Ohh yeah, the banking system is strong and resilient, especially FRC

Equities cooled back from 4031, the SPX printing 3972, a secondary push to 4013, but ending on an outright ugly note, settling at 3936.

Volatility was mixed, the VIX printing 19.94, but settling +4.1% to 22.26.

Today's SPX candle is powerfully bearish engulfing, and bodes bearish, not least for a Thursday.

Extra charts in AH (usually around 5pm EST) @

Goodnight from London


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