The revelation of liquidity pressures at SVB Financial Group sends the market reeling as it raises fears of potential problems at other financial institutions.
The market was hit with classic bear market action on Thursday as financial stocks suffered some panic selling.
In this difficult environment, there is an important sector to watch.
And it seems investors continue to underestimate the impact of the Fed's hawkish policy shift on equities and the economy.
Powell launched an uppercut to the markets after having stunned the algorithms that control price discovery with a right cross to the jaw.
The argument that the market has fully discounted the economic chaos that lies ahead is extremely hard to justify.
Speculation only works if the physical market follows.
The Fed Chair will have to, once gain, thread the needle this week.
Technical conditions are favorable, but there are four big news events coming up before the next Fed meeting on March 22.
The fact of the matter is that I like the chart more now than I did a month ago.