What a fakeout in shares this week. The bulls had been feeling nice after the delicate CPI and hopeful that Powell would tip the nod in the direction of simpler coverage. As a substitute, he leaned in onerous to hikes and that was adopted by an even-more hawkish lean from Lagarde.

Now the bond market is signaling an pointless recession and US shares posted an unsightly outdoors day on the chart.

On the day:

• SPX -1.1%
• Nasdaq Comp -1.0%
• Russell 2000 -0.7%
• DJIA -0.9%

On the week

• SPX -2.1%
• Nasdaq Comp -2.8%
• Russell 2000 -1.9%

There is not a lot to love on the S&P 500 weekly chart after this week’s outdoors reversal: