S&P 500 broke its 200-day moving average. It won’t be good to close the quarter below that level. Volatility is up, VIX 35 a couple weeks ago – if you believe 30 is panic, closing today at 26.75 is still elevated. Fear and Greed indexes are flashing red. Everyone is watching oil: WTI (domestic) at $98, while Brent (international) at $110. Inflation expectations higher (cue Powell), and the 10-yr is climbing (4.39% last). You’re right to assume this cannot continue without things breaking down. The market is looking for a floor, but with yields climbing, the ceiling is getting lower.

“Buy when there’s blood in the streets, even if the blood is your own”
– Baron Rothschild