Macro Strategy Insights

A Market Chart or a Rorschach Test?

In one way, the week was quite simple. The S&P and Nasdaq dropped around 1% while 10-year yields popped 20 bps. Rate cut projections were slightly reduced and the likely start time was pushed back a touch. All seemingly “normal.” Then why the heck did we get a chart like this? I’ve produced some ugly charts in the past, but this is in the running for the worst of all time. I thought about trying to fix it up, but then figured, after a week like this, why not go for the full Rorschach test? There are three things that ... A Market Chart or a Rorschach Test?

To access this report, please login.
If you don’t have an account, please reach out to your relationship manager or contact us at