[Chart courtesy of MarketWatch.com]
- Moving the markets
It was choppy trading session with the major indexes hugging their respective trend lines throughout the day. Neither big dips nor strong rallies were to be seen anywhere, as momentum in either direction was conspicuously absent.
Part of this uncertainty may have been caused by a winding down of the earnings season and nervousness about a flood of important data points scheduled to be published later this week. On deck, we have the U.S. CPI index and a look at the Q4 GDP in Germany, which is suspected to confirm a slowdown in activity.
This is followed by releases of trade, credit and CPI data in China, as well as GDP in the U.K., while the wait for Brexit goes on. Other headlines suggest a U.S. government shutdown as early as Friday, until which time we will still be facing the remainder of the earnings releases.
In the end, it was a mixed day that had no effect on our current view that we need to have more upside confirmation to generate a new domestic ‘Buy’ signal.