E-Mini S&P 500 Mar ’19 Daily ChartPosted 01/11/2019 9:25AM CT |
Following five straight days in the green, the e-mini S&P is in the red by a decent amount in the wake of the opening bell. The slate of news Friday was very light. Only the day’s CPI reading stood to potentially shake things up a bit however, it came out perfectly in line with expectations. Month-over-month readings came in at -0.1 percent, down from 0.0 percent at the last reading. Year-over-year readings came in at 1.9 percent, down from the last reading of 2.2 percent. We’ll see a good amount of readings next week, highlighted by PPI, retail sales, housing starts, and a number of speeches from members of the Federal Reserve. Traders will continue to look for any updates concerning China and the government shutdown as well.
Despite rallying approximately 160 points in the previous five sessions, RSI still isn’t registering overbought readings. Many technical indicators still forecast higher prices in equities. Some of those readings don’t appear to be quite as strong as they were earlier in the rally, but I don’t see a whole lot on a daily chart that projects lower just yet.
E-Mini S&P 500 Mar ’19 Daily Chart