S&P 500 had just one bullish ally, Russell 2000 – and that‘s not enough. The dust in financials hasn‘t yet settled, and Treasury yields are likely to decline today. Within the context of the trading range to be resolved to the downside, I‘m not looking for bearish fireworks just yet. (…) the common denominator being strong market pressure on Powell to give up further tightening and actually cut rates soon, perhaps strengthened by the Yellen behind closed doors banking meeting, which didn‘t bring about any deposits game changer. The reality of almost $400bn fresh liquidity thrown at the issues …

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