Market Alert - Pre-Market

Futures vs FV: SP -0.90; DJ -21.20; NASDAQ +11.68

NASDAQ leads in the recovery from the early week dips. Of course NASDAQ still cannot break to a higher high and SP500 is still below the 2009 trendline. Will RUTX and SP400 continue to lead higher? Will the large caps finally bounce again?

It is the end of the month and the end of the quarter. Month ends have seen upside last month, so-so the 2 months before that. The prior quarter ended the quarter slightly up on the session. That means -- nothing today.

Personal Income: 0.2 vs 0.3 (from 0.4%) July

Spending: 0.1 vs 0.3 July

PCE: 0.2% vs 0.1% prior

Core PCE: 0.1%. 1.29% year/year. Fed's most important inflation gauge down 6 straight months and the lowest year/year since 10/2015.


Money flow
Week: -7.6B
Quarter: -23B

Great timing, right? Market rallies and the money leaves.


OTHER MARKETS
Bonds: 2.301% vs 2.312%

EUR/USD: 1.1818 vs 1.1817

USD/JPY: 112.35.

Oil: 51.45, -0.11

Gold: 1290.50, +2.00


Futures dove lower an hour ago, have recovered back to near the top of the morning range ahead of the bell.

The action looks indecisive to end the month. We will see what kind of bids develop in key areas such as chips and biotechs and machinery.

Chicago PMI at 10:00 ET

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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