Discussion
This looks like a very short-term fakeout lower - ultimately SPX is going lower, IMO, but this looks fake. Why? Defensive sector price action. Back on the day the ADP employment report came in well above expectations, defensives outperformed handily despite rates ripping. If this BOJ YCC news was THE downside catalyst, A) I think defensive sectors would have sniffed it out earlier in the day, and B) would be outperforming right here and now.
Think we need to get through soft PCE and ECI tomorrow before real downside can commence.