The markets lost a little ground coming out of the U.S. holiday, but not enough to really gauge any sort of change. The S&P and INDU are still above lower support levels...well within their ranges. The Nasdaq did move lower as well, but still only one day below a new high set last Friday.
Nothing new to report with only one trading day complete after the holiday. We did see a drop in the Empire State Index from 7.6 to 6.5, showing some slowing in manufacturing. However, we still have a few more numbers left to see this week.
If we continue to see some slowing in the economic numbers over the next couple of weeks, then it should reduce the possibility of another rate increase by the Fed. It's too early to tell with only one day past us this week, but we should take it into consideration moving forward.
See you on Wednesday's Mid-Week Trading Room Update class!
Have a great night,
Your Maverick Trading Team
Over the years, we have spent thousands of hours talking with our traders and answering their emails. We have a huge collection of really great information that only benefited the specific traders who we were interacting with. So, we decided to start sharing all of these gems of knowledge with everyone.
