Your MUST-READ Morning Stock Futures Cheat Sheet: Accelerating downwards

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The Precise Take –  Accelerating downwards

Big Picture Analysis – A disappointing Philadelphia Fed print yesterday eventually got the best of the risk markets, with the steep drop into the close now trimming approximately 8% from the S&P 500 measured from the April high.  Accordingly, we are approaching the levels at which corrections in cyclical bull markets typically bottom out, and it will be incumbent upon bulls to stop the bleeding into the end of May. Though headline risk can easily overcome seasonality, we do note that options expiration day tends to have bearish seasonality early, which can turn bullish late into the close.  There’s no scheduled news for today.

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