Charts I’m Watching: Nov 27, 2019

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.

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