The Day Ahead: PM Edition 2023-02-16

The equity markets finally break on the Bullard comments late in the day

S&P 500

The morning plan worked out well enough with an advance into the afternoon. At that point, was thinking that it looked like a five wave advance from the morning low and thought a modest retrace is reasonable prior to advancing late in the day. This is where the plan went wrong as the market started to grind lower cutting through supports and afte…