A technical update on the S&P 500
What's next for the benchmark US S&P 500 index after last week's volatility? Saxo Bank technical analyst Kim Cramer Larsson has a look at the charts.
FX Trader, Loonieviews.net
Hurricane Florence made landfall this morning. It has been downgraded to Category 1, but the sheer size of the storm suggests flooding will be like that of a Category 4 storm.
The storm, however, has not blown any ill winds onto Wall Street. The major indices have added to this week’s gains in early trading despite weaker-than-expected Retail Sales data. CPI and Core CPI were below consensus forecasts, but upward revisions to the July report offset the disappointment. Wall Street is emboldened by the mild thaw in US/China trade relations sparked by reports of a new round of discussions in the next few weeks. Pre-weekend profit-taking may limit gains today.
Chart: change in retail sales