October retail sales beat estimates by a large margin: 1.3% versus 0.9%. The print runs counter to the narrative conveyed by recent inflation data that the Fed might be encouraged to pause or at least slow its rate hikes.

Futures are faltering just a bit ahead of the open despite Friday’s option expiration.continued for members…

The big picture hasn’t changed at all.

Note that SPX has already reached a .618 retracement shy of its SMA200. Currencies are still generally supportive of stocks, but I suspect EURUSD’s “breakout” is over.

CL and RB are still looking susceptible to me. Though XLE is still outperforming on a relative basis.Ignoring retail sales, the 10Y continues to settle lower.