Good Morning and happy tax day – not!
Futures are down this morning, here’s a snapshot of the overnight hours:
This morning the CPI data came in with less inflation than expected, the CPI fell by .1% when plus .1% was expected.
The New York manufacturing index actually rose from its horrid low of -38.2 up to -14.7. Still very significant further contraction, but the pace of contraction is slowing.
Billionaire Sam Zell now sees commercial real estate down 30% and admits he made a mistake purchasing the Chicago Tribune. No kidding.
UBS announced an additional 7,500 layoffs.
It looks like the /ES is going to open at about 833. that will place the SPX very close to the lower boundary of its potential ending diagonal. The 100dma is at 827, so a break beneath that would be bearish, but keep in mind that the short term oscillators are reaching or already are oversold. Of course the Daily is overbought and a real correction could be in the cards, but it may require more impetus to get over the hump.
Have a good day, and best of luck to your trades!
31 minutes ago