Back on August 3, just after the market had peaked for 2023 after what we now know was the last Fed rate hike of this cycle (at least until we get the next inflation surge and tightening cycle some time in late 2024 or early 2025 as the ghost of Arthur Burns make a triumphal return), we warned readers that technicals were turning very ugly, and "the market's next challenge would be to survive over $70 billion in systematic selling."
What happened next was a painful correction which took the S&P down as much as 500 points, and dragged the equal-weighted S&P into a bear market.
