Matt Shaw’s Market Update
A slow start to the week, but it could work out rather like a Palindrome.
-8.2 -0.52 +8.21 +5.96 These are the closing stats for the S&P500 Index this week.
We are going into todays session 5.45 points higher than where we began the week.
I actually see (depending if close to bang on with PCE numbers) the S&P selling off and giving back this amount later tonight. We could end the week flat.
This makes no difference to my open trade – I welcome this!
The FTSE is tanking somewhat this morning, mainly due to consumer confidence figures weighing on traders.
The official number was -7, which was lower than expected. It’s not a huge market mover, quite like in the U.S., it can be disregarded, but depending on sentiment at certain times, it can weigh and take its toll, if lower than expected.
Later today in the US of A, we have The Core Personal Consumption Expenditures (PCE) numbers out.
This Price Index measures the rate of inflation experienced by consumers when purchasing goods and services, excluding Food and Energy. Like CPI, it reflects the price change in consumer goods and services.
The expected number is 0.1%. If lower than expected, this will be the main catalyst to take these markets lower and continue.
If the number is bang on, then the markets will hold for now and maybe some of next week also. But the Bear I am, I do not see Indices holding onto gains for much longer.
At the moment I am recovering from an operation and its very uncomfortable, so I hope you do not mind me cutting this alert short today.
Till next week.
Matt Shaw
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