Futures dipped 11 points below the SMA10 overnight, only to be rescued by retail sales data that beat expectations (+1.6% vs 1.0%)
The beat was primarily attributable to soaring gasoline prices and auto sales — a double-edged sword, of course, from an inflation standpoint.
The only chart that continues to matter, however is VIX. It has been threatening to break trend for several week, but has managed to hold up fairly well considering the market’s meltup.
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