supportive

But that will require supportive monetary and fiscal policies to offset the continuation of policy uncertainty and geopolitical risk.

Adding to the pressure, the broader macroeconomic environment has not been supportive of risk assets.

The takeaway is that one of the pillars of the market’s multiyear bull run—a Fed that’s supportive of the economy—has cracked some, causing stocks prices to reset a bit lower.

Strong LNG demand remains supportive, while pipeline exports to Mexico have softened and prices above $4 could prompt producers to activate wells in the approach to the winter heating season, he adds.

In a note published late Thursday, Citi strategists led by Adam Pickett say their “When Generals Fail” indicator is still supportive of the broader market.