S&P 500 Faces Key Technical Breaks but GBPUSD, USDJPY and USDCNH the True Risk Measures

While there are key events (like Chinese 3Q GDP and earnings) and high-profile technical levels (the midpoint of the S&P 500’s post-pandemic range) ahead, my focus moving forward is the health of the underlying financial system. The IMF’s warnings around exchange rate volatility, the need of UK stimulus and Japanese intervention speak to the cracks.