June CPI came in lower than expected. Headline CPI was -0.1% MoM versus +0.1% expected and 3.0% YoY versus 3.1% expected. Core was +0.1% MoM versus 0.2% expected and 3.3% YoY versus 3.4% expected. Futures initially added to their overnight gains but are approaching flat again, perhaps in recognition that SPX had already reached important … continue reading →
Category Archives: Charts I’m Watching
While the Fed is unlikely to lower interest rates in July, September is looking more and more likely. There are three more CPI prints due out before their September 17 meeting, and there’s a very good chance that tomorrow’s print will feature a 2 handle. Futures are drifting higher again this morning on positive support … continue reading →
Powell’s testimony before the Senate Banking Committee today will hopefully provide some context to the Fed’s interest rate plans. In the meantime, futures are content to continue melting up in advance of Thursday’s CPI print. continued for members… … continue reading →
Futures are up modestly ahead of the open as traders look ahead to Powell’s congressional testimony and Thursday’s CPI print. continued for members… … continue reading →
As expected, ES has broken out above the trading range it’s been stuck in since June 17. continued for members… … continue reading →
Equity prices have been stuck in a tight range for over two weeks, struggling to top important Fibonacci resistance. Fortunately for bulls, another holiday has arrived. SPX is within striking distance of our Jan 8 Inverted Head & Shoulders target [see: A Look Ahead at 2024.] The most important chart pattern for SPX is the … continue reading →
Futures are off moderately ahead of Jay Powell’s comments at an ECB forum in Portugal. continued for members… … continue reading →
The S&P500 soared 14.5% in the first half, easily beating the averages (since 1953) of 4.72%. Can the markets build on these gains, or are we due for some consolidation? continued for members… … continue reading →
Headline PCE came in on target at 2.6% YoY and 0.0% MoM. Core was a tad higher at 0.1% MoM, also on target. Futures reacted positively, but have given up some of their gains after running into an important Fib level again. continued for members… … continue reading →
Futures are up slightly as we head into a week of somewhat consequential economic data. continued for members… … continue reading →