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Yesterday's sell offs in US equities, which saw benchmark S&P500 to decline more than 1% may not gain enough traction to spark a massive sell offs that occurred in last August, in response to China's devaluation of Yuan or September last year.
Reasons are simple
- Though recent improvement in the data, especially payroll report has been surprising, an imminent rate hike from US Federal Reserve is not. Both companies as well as market participants have long been anticipating a move from FED and fund managers had lot of time to adjust their portfolio in accordance.
- Nevertheless, actual hike or rapid improvement in the data could trigger some sell offs, it is unlikely to a massive one, on the contrary stronger US economy could bode well for equities, given the impact of one 25 basis points hike shouldn't be much on rates.
S&P is unlikely to decline much further that 2060-2050 area and may counter buyers from there, move up or move into consolidation.
S&P 500 is currently trading at 2073, down just -0.2% for the day.
