View from 5th Avenue

The View from 5th Avenue – 26 September 2022

No capitulation to speak of yet, though positioning remains defensive and markets continued to slide lower today. Major indices flirted with June lows (SPX=3636, CCMP=10,565), but they held, as it seems we are at an inflection point from a technical/psychological perspective. Shorts may be more incentivized to cover at this point, rather than establish new shorts and/or double down. Nearly all sectors found their way into the red, barring a few, which eked out minute gains.

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