Loads of positive economic news this morning — which might just upset the “Fed put” narrative. Durable goods was the biggest beat, coming in at +0.6% versus a consensus drop. But, the gains came from government/defense orders. Core goods continue to disappoint.
We’ve been watching for a crack in the meltup, with the next few days vulnerable from a timing standpoint. If 3145 breaks, we could finally get a (barely) meaningful backtest.
Sorry, this content is for members only.
Already a member? Login below…