Stock market today: S&P 500 closes lower, but posts second weekly win
Yesterday's figures saw the USD Index topple for its worst day in 3 weeks, resulting in the EUR/USD recouping losses and the Cable briefly breaking to 2.5 year highs.
Core Retail sales came in at 0% versus the 1% expected, making it the lowest reading in 7 months. Since 2009 this is only the 5th occasion it has come in at 0%.
Retail sales came in at -0.4%. With an expectation of 0% and coming in at its lowest in 10 months, it does not bode well for consumer spending.
Unemployment claims, while coming in less than expected, has been declining steadily since 2009. Though not as low as pre-crisis levels in 2007, we did see similar levels of unemployment claims around 2004-2005.
USD INDEX: Daily
With an intraday low of 80.20 testing the lower rising trendline, which is also a horizontal level of support. Closing the day higher my bias is for an initial retracement to 80.50, only a break above here would entice a further recycling within the triangle formation and target 81.00.
A break below 80.20 would be a good victory for the bears and target 79.70. A weekly close around current levels would increase the odds of a topping formation forming with the Jan and Feb tops forming a Double Top formation to target the 79.00 lows.
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