Futures just tagged our 50-day SMA target, but need to drop another 20 points if SPX is to reach its.
continued for members…
PPI came in a little hotter than expected. Remember, it should be turning up over the next several months unless oil and gas prices drop sharply.
The SMA50 has been significant support in the past, so we’ll watch it closely.
The SPX daily closeup…
VIX certainly has no particular reason to stop here unless TPTB decide it should.
Currencies are pretty quiet this morning, with futures perhaps bouncing…but EURUSD still hasn’t reached its SMA200 or channel bottom. This makes the odds of another 20 points for ES look rather intriguing.
CL and RB continue to struggle to make new highs, leaving TNX in the same boat.
University of Michigan will be released at 10am ET.
GLTA