This seems like a case of buy the rumor sell the news, with Powell coming out Dovish at this week’s FOMC meeting. We know the MAG7 had been getting sold into over the last few weeks, but there was a rotation going on into other areas. Those also got hammered at the end of this week, so the real question is: how long will this go on for?

Friday saw a very strong internal reading for the bulls. It did not look like much on the surface, but when you combine it with where the indexes are and how they have been hammered over the week, this could be a clue for a bounce.