S&P 500’s Semi Reversal – One Step Backwards Now

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S&P 500 semi reversed yesterday, but the bounce left quite something to be desired. The premarket moves were promising, and unemployment claims behaving (I look for these to start rising later during Mar and Apr) was all that was required for a daily ES outlook resulting in 3,980 break. Instead, those 211K (essentially my prediction) are being hesitantly taken as if leading to Fed dialing back tightening – nothing can be further from the truth as Powell made clear that the costs of not fighting inflation are greater than those of fighting inflation. Q4 2022 hedge fund letters, conferences and …

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