Core PCE No Stunner?

S&P 500 didn‘t really waver on strong GDP that didn‘t fall in line with soft landing the way unemployment claims or durable goods orders did. The upswing was though sold into, and weakness across tech developed, only to be sealed aftermarket on weak INTC guidance. The rise in defensives (XLU and XLP) was more worrying, but the communications and NFLX picks I served so many weeks ago to clients, have worked (and will work still) wonders.

Here is a snapshot from our channel as to what I expect from core PCE as well.

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How am I playing it premarket? Intraday clients are since earlier today enjoying an ES long that would end up with +9 ES pts at worst (risk-free now with locked in gains).

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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 2 of them, featuring S&P 500 and oil.

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Crude Oil

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Crude oil accelerated to the upside, and that‘s a sign of a much needed pause and intraday correction till the close continuing – even if there‘s weekend ahead in the Red Sea.

As regards gold, I‘m looking for the (tepid) premarket upswing to continue with a spike, if core PCE turns out getting hotter. And it hesitantly did.

Copper is seeing the strong upswing consolidating, and similarly to cryptos building a floor, it‘s slated to continue medium-term higher. That‘s the effect of fresh China stimulus, improving global liquidity, which would see commodities benefiting – and ultimately helping risk-on, keeping risk asset prices elevated.

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