That was easy.

Only second close below the 200-day (2765ish) for the S&P since January 2016.   The 200-day has been steel support for the S&P500, and a trampoline for reversal rallies over the past few years.   Not today.

Is this a bear trap?  Don’t think so, has more downside, in our opinion.  Stops at 2770.

Key earnings out of JP MO tomorrow.

Bonds behaving badly as expected.