So far, the futures are ignoring another round of abysmal economic data:
- 5.25 million more unemployed, raising total filings to 22 million
- unemployment rate to 17%+, far exceeding the GFC’s 10%
- housing starts drop 22.3%, the most since 1984
- Philly Fed plunges to -56.6, the lowest since 1980 and worse than the GFC
Instead of plunging, ES is up nearly 20 points as the algos are more concerned with VIX’s breakdown.
Nothing new here, of course…but can it last past the open? 
Not if yesterday’s close by DJIA and COMP are any indication. The Dow passed up an opportunity to break out above its 2.24 extension…
…and COMP pulled back and closed below its SMA200. 
Not exactly the behavior of a market intent on higher highs… Meanwhile, global COVID-19 cases reached 2mm yesterday – up from 1mm on April 2. The US now accounts for over 30% of all cases and moved up from 44th to 43rd in testing per capital in the world.
continued for members…
Sorry, this content is for members only.Click here to get access.
Already a member? Login below… |