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S&P 500 | BEAR MARKET RALLY Little respite for US equities as moves higher are quickly sold into. While markets saw a brief period of hope as Chair Powell firmly pushed back against a 75bps rate hike, this failed to prompt a significant reversal. Keep in mind, the Fed are still moving aggressively and quantitative tightening (bearish risk assets) takes place next month. Selling rallies remains the bias for now. At the same time, it is important to keep an eye on US fixed income, particularly the 10yr yield which is testing a major resistance zone with the 2018 highs in focus at circa 3.25%. I mentioned previously that I am less bearish on the S&P 500 and with the index looking to put in a hammer as we close the week, that might be something to work with for another move towards 4300. However, should we close below 4050-60 then that view will have to be reassessed, given the heightened risk a drop towards 3800.