It doesn’t feel great that the day after the biggest down day for the S&P since June 2020 is followed not by a bounce, but another down day. There are a lot of worrying takeaways from today’s market, but perhaps the most important is that we still have not yet hit capitulation. As our charts team so eloquently puts it, if you have to keep asking if it happened, it hasn’t happened yet – you’ll know it when you see it
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