This is an important week for economic data, leading off with Durable Goods this morning at 10am. Following later in the week, we’ll get CPI, PPI, import/export prices, continuing claims and consumer sentiment — not to mention FOMC minutes.
This morning, we’ll take a look at durable goods new orders – a pretty good indicator at times for what to expect from the stock market. The chart below shows YoY percentage change on a monthly basis.
Note that the last time orders broke trend we saw a one-month bounce followed by a much bigger drop which, in turn, corresponded with an interim top and the 2015-2016 correction. Since it has recently broken trend again, it could have much to say about the state of the economy.
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