BREAKING NEWS
Added 2024-05-31 12:54:12 +0000 UTCBREAKING $SPY
PCE YOY: 2.7 PREVIOUS, 2.7 EXP, 2.7% actual
CORE PCE YOY: 2.8 PREVIOUS, 2.8 EXP, 2.8% actual
GREAT NEWS OUT, as PCE inflation data shows moderation and this is the data we've seen for last two months. Market still pricing in about 3 potential rate cuts and certainly today's data could increase those chances of a first rate cut in September.
Monthly candle closes today and it's looking like a bullish engulfing month with $SPX up over 4% on the month. Certainly, this week it really hasn't felt that way. Looking forward now, June is going to be critical. Jobs data next week and following week on June 12, is CPI and FOMC decision all in one day. Buckle up. Going to get bumpy.
This is the 4 hour chart posted last night, a nice 4 hour wedge breakout with sto levels on the floor.
