The PCE price index, core PCE, real disposable income, real PCE, and goods all increased 0.1% in August Services increased 0.2%.  The print was largely in line with expectations, with the YoY PCE registered 2.2% (2.7% core) as expected.

These data support the Fed’s recent actions and expectations of further cuts into the year end. Futures, having already priced in these data, are up slightly.

continued for members…

It still appears as though ES’ 1.618 is in play, suggesting SPX 6000.

The dashed line was the IH&S target.

Note that VIX is very close to breaking below its SMA200.