Futures have slipped about 10 points on quiet trading.
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Tag: silver
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Charts I’m Watching: Sep 6, 2023
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PCE On the Rise
After falling for months, YoY PCE ticked higher in July: 3.3% versus 3.0% in June. Excluding food and energy, the print was 4.2% versus 4.1% in June.
The data pared some of the overnight ramp, with futures easing lower as we approach the opening bell.
In other economic news, personal spending (0.8% MoM) rose faster than expected while income (0.2% MoM) grew slower than expected – not an optimal combination when trying to avoid a recession.continued for members… (more…)
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GDP Revised Lower
Second quarter GDP was revised downward from 2.4% to 2.1%, providing a much needed boost to bulls hoping for another Fed pause. Of course, it also provides bears with some evidence of an economic slowdown.
Futures have been hovering around flat all morning.
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Charts I’m Watching: Aug 21, 2023
Futures are up modestly in advance of the Jackson Hole symposium.
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VIX: Decision Time
VIX’s constant slide has been one of the best indicators of the runaway bullishness over the past 10 months. Over the past week, however, it has soared to new highs, reaching our 200-day moving average target well ahead of schedule.
What does it portend for equities?continued for members… (more…)
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Charts I’m Watching: Aug 17, 2023
Futures are up modestly on stronger growth data and an approaching OPEX.
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Charts I’m Watching Aug 14, 2023
Futures are loitering around the 50-day SMA, leaving SPX’s tag still up in the air.
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Charts I’m Watching: Aug 11, 2023
Futures just tagged our 50-day SMA target, but need to drop another 20 points if SPX is to reach its.
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Charts I’m Watching: Aug 8, 2023
Futures are down sharply as yesterday’s currency moves and VIX smackdown are being unwound by Moody’s banking downgrades. At least banks aren’t waking up to a 40% windfall profit tax such as Italy just imposed.
This timely bit of truthiness certainly has the potential to get ES to our SMA50 target in the lead up to Thursday’s CPI print. As for XLF, the timing couldn’t be worse.
Fear not, the Fed is already tapping the brakes.continued for members… (more…)
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CPI Coming Up
Futures are up moderately, primarily on the DXY stall and the usual overnight VIX smackdown. But, most attention will be focused on Thursday’s CPI print.
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