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Update: Market Open Update
I was tempted to change the lean in the (OP) this morning, but 95% of the time, I regret making changes. This morning’s US Personal Consumption Expenditure (PCE) report showed the headline reading narrowing for the second month. The index slipped to 2.2% in August from 2.5% per annum in the previous month, marking the 41st consecutive month of at least 2.5% core PCE inflation, well above the Federal Reserve’s 2% long-term target.
The “Magnificent 7” stocks are weak and dragging the NASDAQ lower, which is down 1.75% as of 10:08 AM. I don’t think it’s as much about the PCE number as it is about today being the last trading day of October. As PitBull said:
“IMPRO : PITBULL : (10:02:05 AM) : risk off today.”
The next levels of ES support come in at 5765, 5742, and 5725. As you all know, I am a bull market trader and despite the weakness I can not rule out a bounce
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