“Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go,” Powell asserted in prepared remarks in advance of his testimony before the House Financial Services Committee. Our charts certainly agree. As posted last week, there is little chance of inflation not bouncing back … continue reading →
Tag Archives: RSI
The prop job continues, with VIX reaching a lower low and the DXY still under pressure. continued for members… … continue reading →
Today marks the third day in a row that ES has backtested the former resistance at 4190ish. Just a reminder, these things don’t happen by accident. continued for members… … continue reading →
The OPEX meltup continued overnight, with futures up modestly to new 9-month highs. Powell speaks at 11am ET and might shed some light on the implications of treasury yields which have pushed to new cycle highs – reflecting a much more cautious assessment of the debt ceiling negotiations. continued for members… … continue reading →
There’s something in March’s durable orders report for both bulls and bears. The 3.2% topline number was wildly better than the 0.7% expected and -1.2% previous. But, it was driven primarily by large Boeing orders. Non-defense capital goods excluding aircraft, a proxy for business spending plans, dropped 0.4%. And core shipping logged another 0.4% drop. … continue reading →
March retail sales came in at -1.0% versus -0.4% expected and -0.2% previous. Core slipped 0.3%. Early reaction is that the drop wasn’t enough to forestall another rate hike in May. So far, the futures have taken the news in stride.But, it remains to be seen whether the algos will view the setup as positively. … continue reading →
After closing below its 10-day SMA for the first time in a month, ES is backtesting it……on the back of PPI data that essentially echoed yesterday’s CPI print. Headline PPI crashed to 2.7% YoY and -0.5% MoM. Though stripping out food and energy, core PPI fell only 0.1% MoM and increased 3.4% YoY. As we … continue reading →
After reaching our next upside target, futures have settled into a pause. No surprise, as the algo factors are doing the same. continued for members… … continue reading →
It was touch and go on Friday as XLE pushed above its 200-day moving average and WTI smacked into its 50-day. Fortunately for oil bulls and inflation enthusiasts, OPEC+ was watching the same charts and took action. continued for members… … continue reading →
Bottom line, a 50 bps rate hike is back on the table. We got the backtest we expected, and even a little bit more. This morning’s ADP employment report further underscores the need to put the brakes on the economy. It will be interesting to see whether Powell’s tone becomes any less hawkish in light … continue reading →