The S&P 500 and Nasdaq tenderly holding at their respective trend lines; these are widely-watched moving trend lines. As I mentioned last Friday… 

With the major market indices on the cusp of breaking their recent lows, I think we could be looking at a 5%-or-greater decline. 

The stock market spooked once again by comments from Fed Chairman Powell when he indicated that the Fed would remain focused on inflation. 

Today is the 36-year anniversary of the infamous 1987 crash. It should be noted that one of the contributing factors was higher interest rates. 

For weeks now the stock market’s trading activity has been characterized by resiliency and elasticity. 

Last year at this time the stock market was in the process of finalizing a bottom and was about to embark on a rally that would carry into mid-July of this year. 

Yesterday I mentioned that the stock market could soon feel the pinch of overhead supply among the major market indices…but in yesterday’s session they failed to clear their 9/29 peaks and intraday peaks set earlier this week which setup a bit of a technical selling point. 

The major stock indices have uniformly established nice base formations that could indicate the lows set recently could be the lows set for the cycle. 

A year ago the stock market was in the process of bottoming and on the verge of launching a big rally that would carry into mid-July. 

A few weeks ago I made the observation that investors’ perceptions might be shifting with respect to the interest rate outlook.