January retail sales tumbled to a negative 0.9% versus the positive 0.1% expected and last month’s +0.7%. Combined with hotter than expected inflation data the past two days, it’s not a good look for equities.

Futures, however, are ignoring the data – which will only worsen with the effects expected from increasing tariffs.

continued for members…

ES and SPX remain near their all-time highs, with the falling channels broken out of.

The 10Y stumbled on the tariff news, even though the Fed is very unlikely to put any cuts through while inflation is elevated.

Just a reminder…the market will be closed on Monday.

GLTA