US equities are off to a soft start to the year, with the benchmarkslipping some 1.6%. As we stated in our Q1 equity forecast, now that we have seen a hawkish Fed pivot similar to that of 2018, Fed policy is now a bigger threat to equities than Omicron. This week saw a much more hawkish than expected minutes release from the Federal Reserve, whereby the central bank has quickly brought back quantitative tightening into the equation.
Looking at the chart, key support is situated at the rising trendline , which held at the back end of 2021. Remember that markets continue to display a buy the dip mentality and should we see a notably softer close Friday and Monday, there is a good chance of a turnaround Tuesday (much like Dec 20
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