The Nasdaq is off to a strong start this morning, while the rest of the indices are lagging a bit.  That said, the S&P, Dow, and Russell are all off the lows by a decent margin and are now trading slightly above unchanged.  After seeing new all-time highs in all but the Dow, markets have backed off a little due to talk of tariffs and trade talk.  The markets don’t seem to be entirely concerned about these factors, as the uptrends on the charts remain firmly intact. 

Chicago PMI came out in line at 63.6 vs. an expected 63.8.  While that should be considered a great reading, it comes in below last month’s showing of 65.5.  Consumer Sentiment came in above expectations at 96.2 (95.5 exp).  Markets are closed for Labor Day on Monday, but the rest of the week will feature plenty of news. 

E-mini S&P 500 Sep ’18 Daily Chart

E-mini S&P 500 Sep '18 Daily Chart

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Bill Dixon

Senior Market Strategist
Bill began his career working with a firm of technical commodity traders specializing in the treasury and metal markets. In 2006 he moved over to Lind-Waldock as a broker. Bill joined RJO Futures in 2011.
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