Good Morning. Quick update on the site. My host provider, GoDaddy, was apparently hacked and shutdown today. It had no impact on MacroStory beyond not being able to access the server and thus no site. Service may be spotty over the next few hours as it is fully restored. Apparently this affected customers nationwide. Again, my apologies for the inconvenience.
As for the markets let me review the close which I was unable to earlier today. A very interesting late day selloff indeed, confirmed by the rally in Treasury futures (drop in yield). It may have partially been triggered by the decline versus expected rise in consumer credit (more below). But the market is also “very long in the tooth” at current levels. It won’t take much to create at least a pullback into support. In the case of the SPX support comes in around 1,417 on the Tuesday session.
