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Hawkish Fed Leads to a Nasty Reversal
The Fed minutes, released at 2pm EST, showed a Fed that was leaning towards tightening in their June meeting. Many traders that were caught short earlier in the day in SPX and had covered, then rushed to short into that news. This reversal definitely puts the neckline around 2040 back in play. A break of that, and the SPX could see 2000.