Watching a pullback take place in central bank liquidity usually correlates with retracements in SPX (albeit sometimes lagging). If it explodes higher, that could possibly mean two things, we're in the actual QE stage (we're not there yet despite what many others claim) and that would suppose the actual crisis has started. I would expect the move to be down first in such scenario, even with central banks propping up the market with liquidity.


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