I told you a week ago the markets were at the 618 day window from the May 2015 high in the SPX and it was also the 360 day high from the August 2015 low for whoever bottomed there which also turned out to be the NDX and Dow. If markets were in a sour mood, people seemed to be upset about a rumor circulating the tax cut wouldn’t come until 2018. Markets do not respond to travel bans even if I suspend the socionomic discussion for a minute.
U.S. stocks suffered their steepest declines so far this year with Dow Jones and S&P 500 both declining 0.6% on Tuesday. Meanwhile operating Asian markets are all in red led by Japanese stocks despite the BoJ upgrading growth estimates for the next two years and as expected keeping monetary policy unchanged.