S&P 500 Technical Analysis – Heavy deleveraging amid surprisingly weak data ...Middle East

Fundamental OverviewAt one point it looked like the worst was behind us as the S&P 500 rallied almost 3% on a single day following the BoJ and FOMC decisions. Unfortunately, the following day we got an ugly US ISM Manufacturing PMI which sent the market into risk-off and defensive positioning into the US NFP report. The US Jobs report didn’t help as the data surprised to the downside with unemployment jumping to a totally unexpected 4.3% rate. The losses extended and eventually we got a strong overnight selloff today due to spillover effects as the Nikkei crashed 12% in a single day. The market is now pricing in 125 bps of easing by year-end which translates into a 50 bps cut in both Septemb

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