Markets closed out last week on a sour note after the disappointing jobs report. That coupled with a mega-cap tech earnings that failed to live up to the high bar set earlier in the week and growing tensions with Russia sent the S&P 500 down 1.6%. That selloff sent the S&P 500 below its 20d ma for the first time since late April (68 trading days), breaking the fifth longest streak on record going back to 1950, something brought to our attention by Carson Group’s Ryan Detrick. The index was down ~2.5% for the week while small and mid-cap indices closed down closer to 4%. Treasury yields plummeted >20bps as markets pulled forward the prospect of rate cuts again, a quick about face after the “hawkish” Fed meeting earlier in the week.

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