A commentary reviewing the past week in all financial markets with an emphasis on technical, fundamental and chart analysis

1. Stocks came off their most volatile week since 2010 as fear gradually seeped into the
market from a confluence of factors and events. China woes, Emerging Market currency
turmoil and the ongoing debate on whether the Federal Reserve's unwinding of their
unprecedented liquidity is largely to blame for it all.
To give my readers a perspective on the price action for the week here's a 60 minute line
chart of the S&P 500:
(click on chart for larger image)
It doesn't get much crazier than this and the action on Monday and Friday were especially
volatile.
The Fed met expectations on Wednesday afternoon and tapered another 10 billion which
only served to lend impetus to the declining market that day.
Turkey's move to raise interest rates on Tuesday in order to defend their currency was
applauded in the after-hours market that evening with the S&P 500 E-minis spiking around
15 points. But that move was faded and by Wednesday the market was in free fall as the
wider implications of their policy decision became apparent.
Let's look at stocks and the damage done. Here's a daily chart of the S&P 500:
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