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Nov. 10, 2023 - Fast Thoughts: A quick rally last week based on the expectation that interest rates won’t increase the remainder of 2023; watch how the T-Bonds and US Dollar react next week . . . they are “smarter” than the stock market. Earnings continue to come in; notable are major retailers (Walmart and Target) this week. Many are expecting the consumer is strong, since credit card debit is increasing significantly. The CPI (Consumer Price Index) will be announced on Tuesday. Expect it to show inflation is coming down.
Notice the word “expected” above. If any of these fail to materialize, look out. The chart below shows the S&P Futures contact to be at an important resistance level. Low volume appears to be a possible “short covering rally” and may not last. The big money has not bought in just yet. Next week should be “a tell” on this market either way. Have a good week. …………. Tom ……………. Chart courtesy of Trader Guider.