The market is adding to the previous session’s losses today, as bond yields continue to rise. The move comes a day after Fed Chairman Jerome Powell reiterated it could raise interest rates by half a point in May.

The S&P 500 broke below its the 50-day moving average, nearing a dangerous point where it could test January’s lows.

All 11 S&P 500 sectors are down today, and there doesn’t appear to be anywhere to hide.  Many of the recent relative strength areas (Health Care and Materials) are getting hammered today as selling picks up. Energy is holding up the best.

Watching the Russell 200

The IWM (Russell 2000 ETF) was holding the 197-support level for a couple of weeks, but is now breaking below it, and its 50-day moving average, on an intraday level.

It is an ugly day; the good news is great stocks are getting so cheap. We are flushing out weaker hands to raise cash to go for grand slams.

Have a great weekend and pray for the peace and the people of Ukraine.