Stocks have taken out critical support.
The Russell 2000 is perhaps the “junkiest” index among stock indexes with 31% of its companies NOT making profits. So, if the Fed is indeed looking to deflate the stock market bubble, this would be the first index to collapse.
Sure enough, it is collapsing. As I write this Friday morning, it has taken out critical support. By the look of things, we will be unwinding the entire stock market move of the last 24 months, returning to pre-COVID levels.
A similar price move in the S&P 500 sees it at 3,400, or possibly even lower. That’s a full 20% down from here.
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