Mid-week market update: This week is full of market moving news. Not only have investors seen news on tariffs, the FOMC announced its interest rate decision today, and several major Magnificent Seven stocks are reporting earnings results. As a consequence, it's been difficult to make specific forecasts of market direction owing to the binary nature of the reaction to news.
From a technical perspective, concerning conditions are starting to appear. The S&P 500 ended a brief upper Bollinger Band ride and it's starting to consolidate sideways again. Both the 5 and 14 day RSI are recycling from overbought to neutral, which are tactical sell signals. Moreover, the VVIX, or the volatility of the VIX Index, is testing the psychologically important 100 level that often marks transitions to higher volatility and higher risk regimes.
Let's consider how the market reacted to events.
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