SPX Stock Market Correction Continues

The market started the holiday shortened week at SPX 2356. After a rally to SPX 2366 early Monday the market started to pullback. After a decline to SPX 2337 Tuesday morning the market rallied to 2353 by Wednesday morning. Then the market declined into the end of the trading week, closing at the SPX 2329 low. For the week the SPX/DOW lost 1.05%, and the NDX/NAZ lost 1.15%. Economic reports for the week were mostly negative. On the downtick: the CPI/PPI, retail sales, the WLEI, the Q1 GDP estimate, consumer sentiment, plus weekly jobless claims and the budget deficit rose. On the uptick: export/import prices. Next week’s reports will be highlighted by the Beige book, the NY/Philly FED, and industrial production. Best to your week!
The Market Oracle

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