Retail Sales Worst Since 2009

After pushing above its 200-DMA and key 2.24 Fib levels, SPX seemingly had it made in the shade.  This morning’s huge retail sales miss (-1.2% versus +0.1% expected) might complicate things.  Perhaps Bloomberg put it best in the title of the following chart.

The control group came in at an even more dismal -1.7%, the worst since the 9/11 terrorist attacks. The latest data is clearly at odds with the growth narrative being pushed by the White House, and adds to the headwinds posed by numerous high-profile earnings misses and falling inflation.

January CPI came in at 1.55%, the smallest increase since Sep 2016.

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