The XJO is expected to open higher this morning. The U.S was closed overnight for a National Day of Mourning for Jimmy Carter’s passing. U.S futures are marginally in the red.
Yesterday we sold off following the stronger than expected day of buying in the previous session. We pulled back in the morning session to the 50 day MA, and the key level of support at 8,300. However, we bounced intraday to retake most of the session’s losses into the close.
Retail sales numbers came in slightly lower than expected but still grew marginally. This likely helped bolster the recent bullishness surrounding the hope of earlier rate cuts sparked by the lower than expected CPI reading on Wednesday.
We should open near 8,350, which we tested on Wednesday and will test once again this morning. With the U.S giving us little lead, we may struggle to push through, however we have been running our own race at the moment so don’t be surprised if we do.
US Markets
The U.S was closed over night for a National Day of Mourning for Jimmy Carter, the former U.S president. U.S futures were slightly lower.
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