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April 5 S&P 500 Update – Strong Selloff From Kashkari’s Comments

The S&P 500 was having a bullish day yesterday, but the entire markets had a steep decline once Kashkari said “If we continue to see inflation moving sideways, then that would make me question whether we needed to do those rate cuts at all.” This demonstrates the Fed’s ability to manipulate the markets with their words and actions. $SPY had a sharp selloff above the white resistance line, and is currently trading within the light blue channel again. $517 support was also lost on this move down, and it’s important to see if SPY climbs back above $517 over the next few trading days.

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