It seems to have escaped majority attention that this was the week that Lehman Brothers imploded in 2008. Below is a summary of the key charts heading into FOMC next week...
First off, the Global Dow which includes the U.S.:
Emerging Markets got monkey hammered to new 2022 lows this week. The locus of risk heading into FOMC.
In the U.S., Dow Transports got monkey hammered this week both due to the narrowly missed railroad strike, and due to the Fedex warning.
The chart of the week is the Nasdaq which is heading for its first weekly double test of the 200 week moving average since 2009:
Nowhere near capitulation. Complacency reigns supreme:
Lehman week is over.
CPI cemented policy error for next week with 100% probability.
