Well, for the 8,398th time in a row, the BTFD crowd has been proved correct. The “full-scale invasion” of Ukraine that prompted a cataclysmic, earth-shattering collapse of 8 points on the ES is now completely retracing.
I was sort of afraid of this. As I mentioned in comments early this morning, we had to break 1986 to get serious. The low was 1987.50, and as the arrows suggest, this is support. The key disappointment for me is that the important break (cyan tint), followed by the bounce to the zone where the markets should have reversed (magenta tint) has been utterly shunted aside. At this point, only global thermonuclear conflict will make the market fall.
