But, The Dow has now had 11 down weeks out of the last 12. This has never happened before... (in Nov 1929, The Dow fell for 10 of 11 weeks)...

Which perhaps fits as US macro data is collapsing at an unprecedented pace (with UMich sentiment at record lows)...

Remember, there are 12 more rate-hikes priced in from here... good luck America.

The US equity markets suffered their worst week since the government locked down the US economy due to COVID in March 2020.

In fact, since the hotter-than-expected CPI print (and UMich) last Friday, Small Caps are down a stunning 10%, S&P and Nasdaq down 8% and the Dow down 7%

Energy stocks have been hammered since CPI last week (with this week's losses the worst since March 2020) while Staples have held in as the prettiest horse in the glue factory...

And here's some more context for this slump in stocks (courtesy of Saxo's Peter Garnry)...

While the stock market is still higher since Nov 2020's election date, the S&P 500 is now down since President Biden took office...

The equity put-call volume ratio has shifted up to its highest since April 2020...

Of particular note, given the rising put volumes, XLE (Energy SPDR) Put volumes literally exploded this week, to their highest since June 2008 - which happens to be right before WTI's peak in July 2008 at $145)...