We are moving into a week that is loaded with event risk – in fact it may be overloaded in so much as events like CPI and the FOMC rate decision can curb trend development
While the S&P 500 jumped its tight range and 200-day SMA, the Dollar was noticeably more reserved in its retreat – the PCE deflator ahead could materially change that backdrop
The S&P 500’s tight 3.2 percent range has stretched to 12-days – the ‘quietest’ in 12 months – while the Dollar has fallen into its own narrow field above the 200-day SMA
The second half of this past week proved very different than its first half with financial stability concerns growing out of the IMF meetings, BOE stimulus withdrawal and Dollar’s charge