While an extreme oversold condition may produce “a” low, we continue to look for a true Fed pivot and peak in the 2-year U.S. Treasury Yield to produce “the” low.  In sum, it would still be historically unique in a market decline of greater than 19% for the S&P 500 (SPX) to make “the” low prior to or simultaneously with a peak in the 2-year  (table of instances in video).

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