Market continues consolidation without any fundamental catalysts

08222025

Market continues consolidation without any fundamental catalysts. The interest rate sensitive parts of market were outperforming, because market increasingly bets on higher growth higher inflation instead of stagflation. This could be the 1999 playbook with higher equity, higher dollar, and higher bond yield once Jackson Hole uncertainty is gone. Market should take a hawkish Jackson Hole well after recent momentum unwind.

SPX testing trendline

NAS100 ATH