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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, beginning on a bearish note, we show the loose head and shoulders forming on the S&P 500 as the SPY also went below the 200-DMA intraday. We then show another technical pattern with similarities to the ends of the last two bull markets. One final bearish note, we make is corporate credit spreads signaling lower equity prices. Next, we turn to the Goldman Sachs financial conditions index which is beginning to mirror Fed policy. We finish with a complete look at the Five Fed manufacturing composite and ICI Fund Flows.

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