A Little Extended Here

Pull-back looks likely. Futures are down. This isn’t terribly surprising given last week’s rise.

The technicals are starting to come in line with more typical trading behavior. Looking at the SPX, support looks to be around 3921 at the 50-day moving average. Resistance at 4206.

No major negative surprises out of the Fed last week. Some spin around the recession figures (as in, let’s not officially call the recession, even though we all know it’s real). This recession is different though. The jobs market hasn’t felt it yet. Inflation is yet to be tamed though. We’re probably in the mid-innings on this one — past half-way, but not over yet.

Stay tuned.


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