What just happened won't tell you what's coming next 🧮

Plus a review of the macro crosscurrents 🔀

Stocks ended another volatile week lower with the S&P 500 declining 1.6%. The index set a closing low of 3,577.03 on Wednesday and an intraday low of 3,491.58 on Thursday. From its January 3 closing high of 4,796.56, the S&P is now down 25.2%.

It is incredibly difficult to predict where the stock market is headed in the short run.

And just because recent …