Today, we will have retail sales MOM data released.
Retail sales is an important indicator that signals either the contraction or expansion of an economy. An increase in retail sales signals a healthy economy that is expanding, while a decrease in retail sales signals the opposite. An increase in retail sales usually moves stocks upward and is good for shareholders.
It was a decidedly strong showing for the stock market. Gains from the mega cap space gave the main indices a big boost, but many stocks also moved higher this session. The positive bias was partially a reaction to the pleasing economic data last morning. In addition, there was likely some short-covering activity contributing to today's gains. The March Producer Price Index (PPI) reflected welcome disinflation, while the weekly jobless claims data showed some softening in the labor market. Total PPI rose 2.7% year-over-year versus 4.9% in February while core-PPI, which excludes food and energy, rose 3.4% year-over-year versus 4.8% in February.
Chart: SPY daily and 15 mins
Chart: QQQ daily and 15 mins
From the Chart side of analysis, SPY is absolutely stronger than Qs. Wednesday's sell on Qs was kinda scary. As price I marked on chart, after market open, the market still struggling below $315.31. And investors still trying to figure what's going on about the market. And SPY broke $412.17 which will facing $413.9ish weekly basis resistance and after that will see $415, HKEX:416, and $418.
In today's pre-market trading the US index futures are mixed, SPY is slightly declined. I will try to long some SPY if I can see SPY corrected back to $413ish and found support there.
Retail sales is an important indicator that signals either the contraction or expansion of an economy. An increase in retail sales signals a healthy economy that is expanding, while a decrease in retail sales signals the opposite. An increase in retail sales usually moves stocks upward and is good for shareholders.
It was a decidedly strong showing for the stock market. Gains from the mega cap space gave the main indices a big boost, but many stocks also moved higher this session. The positive bias was partially a reaction to the pleasing economic data last morning. In addition, there was likely some short-covering activity contributing to today's gains. The March Producer Price Index (PPI) reflected welcome disinflation, while the weekly jobless claims data showed some softening in the labor market. Total PPI rose 2.7% year-over-year versus 4.9% in February while core-PPI, which excludes food and energy, rose 3.4% year-over-year versus 4.8% in February.
From the Chart side of analysis, SPY is absolutely stronger than Qs. Wednesday's sell on Qs was kinda scary. As price I marked on chart, after market open, the market still struggling below $315.31. And investors still trying to figure what's going on about the market. And SPY broke $412.17 which will facing $413.9ish weekly basis resistance and after that will see $415, HKEX:416, and $418.
In today's pre-market trading the US index futures are mixed, SPY is slightly declined. I will try to long some SPY if I can see SPY corrected back to $413ish and found support there.
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