SHORT TERM: a quiet day on the upside.
At the opening stocks gapped down slightly but quickly filled that gap within the first 15 minutes. Additional selling entered the market pushing it down to the lows for the day around 10:00. It was at that time that the government released the core PCE (personal consumption expenditure) index, which displayed a slight dip in inflation to an annual rate of 2.4%, from the recent decade high rate of 2.5%. On that number Bonds rallied, and stocks followed. This morning, after establishing a 16 point decline from its recent highs, (the largest in over a month), the SPX retraced about 50% of that during the rally, which topped at about 2:00. After that it drifted down slightly into the close. Tomorrow, the Chicago PMI is released, and the Consumer confidence reading at 10:00. Technically, the market did get oversold on the hourly charts, at this mornings lows, and the rebound was typical. Lets see if we get another selling wave tomorrow, as expected. Best to your day!
MEDIUM TERM: bullish … most major indices uptrending
LONG TERM: bullish