Apparently, it wasn’t the polar vortex after all (as anyone with half a brain already knew.) Retail sales fell off a cliff in April, too. Maybe it was too warm?
Will it ruin the “market’s” plans to make new highs at 1900+ in SPX? Probably not. But, it might set up yet another nominal new high with no follow-through…unless the MSM comes up with a positive spin real fast. My guess: “this will definitely taper the taper!”
Yesterday’s IH&S targets the white 1.272 at 1919.83. But, it might not be a straight line to it as was planned.
UPDATE: 9:50 AM
Just got to 1900, thanks to a bounce manufactured in USDJPY. This would be an opportune time for a backtest of the neckline or a moving average (SMA10=1880.) The actual level will, of course, be set by the USDJPY — which looks like it’ll backtest the grey channel bottom around 101.85.