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S&P 500 falls below 100-day moving average for first time since October

First time below the MM 100 in the Biden era

The S&P 500 has not been below the 100-day moving average since the end of October. Even then, it was only for a few days. Before that, you need to go back to May 2020 for a sustained stretch below the key level, which is at 4326 today.

The VIX hit 27.69, which is the highest since May.

Fear is certainly in the air. The market is sending a message to the Fed and China that rate hikes are not welcome.

The bond market confirms risk aversion as 100-year yields fall 7.1 basis points to a new session low of 1.2989%.

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