Republicans have been successful in passing the tax reform bill within the House of Representative. It will be now sent to the Senate for approval. The bill proposes a tax cut of $1.5 Trillion which means a significant drop in federal revenues.
In the weekly letter, we mentioned that Monday would be positive for global equities while Tuesday would be a day of correction. S&P500 made a low of 2684 after high of 2698. Wednesday is again expected to be a sideways/positive.