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Afternoon Note


By Charles Payne, CEO & Principal Analyst
6/13/2022 1:12 PM

The market tumbled out the gate, and for the most part, the pressure has been unrelenting.  A lot of this is a vote of no-confidence with Jay Powell and President Biden.

The last time the S&P 500 closed down more than 1% on four consecutive sessions, the market was up the next week, month, six months and year.  Of course, that was when the ghost of Christmas future visited Powell who just hiked rates right before Christmas.

He came back in early January a changed man and Fed policy became accommodative again. 

Powell doesn't have that option this time around.  In fact, I would like to see him hike rates 75 bps on Wednesday. 

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The market has come down significantly and everyone is looking for more downside.  Technically there isn't a lot of support for the S&P 500 until maybe the 200-day moving average of 3,500. If that doesn't hold then 3,250.

I do like there is light volume - it's an orderly panic.  It's overdone, but there are so many unknowns. 



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