Good morning, everyone, and happy Friday to you. The final big event of the week just hit, the Core PCE, and it was a total nothingburger. The fake inflation numbers produced and controlled by the government came in precisely as expected (goodness!) which shoes inflation at a hilarious 0.3% monthly. Be sure to think of that next time you go shopping.
Equities exploded higher on the news, although in the time it took me to put this post together, the explosion is largely gone. Here’s hoping the explosion turns out to be a dud. We shall see.
The /ES, shown above as a minute bar, and below as a 30 minute bar, is still hemmed in by an important resistance level.
Should this level hold, the well-formed top (shown by way of the daily bar chart of the same market below) could be a key ally in the weeks ahead.
On the heels of the MSFT and GOOGL news last night (including the really-should-be-illegal massive GOOGL buyback program announced) the /NQ is up, but not even a single percentage point. My spidey sense is that the day, in the end, is going to morph from all green (as I am typing these words) to at least largely red.
