Chart, page-19212

Agree with you it appears to just be a counter trend move atm into strong seasonality.

But I would add that market perceived liquidity matters and FED is signalling via minutes they are going to slow the pace of rate increases (out yesterday morning). So if we allow that aspect into the equation I think there's still a question mark as to how far away we are from terminal rates globally.

Terminal rate and pivot's will matter as below clearly highlights that's where volatility picks up again.

BUT!! the rate impact on tech has been front loaded so I would be looking for a shallow break of the recent low vs what we saw at the beginning of the yr as DOW constituents (real economy stocks) will be hit harder.


MK.