Courtesy of Doug Short.
The pre-market new jobless claims came in worse than expected, but the S&P 500 reaction was muted. The index opened lower and sold off to its -0.49% intraday low about an hour later. It then zigzagged higher with the vicinity of yesterday’s close serving as resistance during the noon hour and again during the final 90 minutes of trading. A small advance at the close lifted the index to a fractional 0.09% gain, just off its intraday high.
Tomorrow’s Advance Retail Sales for August will be the next potential market mover. Mainstream economists are looking for an improvement — a 0.6% gain for headline sales and a 0.3% gain for core sales (ex-autos). The July numbers were 0.0% and 0.01%, respectively.
The yield on the 10-year Note closed at 2.54%, unchanged from yesterday’s close. It is now 20 bps off its 2014 low on August 15th and matched on August 28th.
Here is a 15-minute chart of the past five sessions.
Here is a daily chart of the SPY ETF. Trading volume continues to be quite light.
For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.
