Having ramped overnight, seemingly on the usual nothing at all, the algos achieved 'mission accomplished' by getting the S&P green post-FOMC... but the moment the S&P peeked its head above water, the selling began and is now accelerating back to yesterday's lows...
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FundStrat warned earlier in the day that “the severity of Wednesday’s reversal in US stocks likely means a retest has begun, which should take SPX back down to test and even breach Monday 1/24/22’s lows …"
It appears the cash-market open also triggered selling as algos switched from futs...
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Specifically, with regard to S&P levels, FundStrat notes that “4287, .. if breached, should lead down to 4222 and then under 4180-4200 ..”
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Meanwhile, in bond-land, its crazy town as the yield curve flattens dramatically...
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Simply put, The Fed has lost control.
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