Stocks Rip Higher Ignoring Everything But Hopes Of A Hard Pivot From The FED

Stocks rally strongly as PCE inflation is rising along with wages growth, as the market is hoping a hard FED pivot comes on Thursday FOMC meeting.

Last week I covered how the FED was forced into a soft pivot, which continued into this week as stocks rallied most of the week.

US savings rate macro data came out showing real adjusted consumption is falling as real wages remain week, while the savings rate of Americans continue to collapse to 2004 levels.

Pending sales data also showed worse then expected falls, as the property industry is in a sharp recession fueled by soaring mortgage rates thanks to FED rate hikes.

Umich Survey inflation exceptions also saw a pick up as more Americans expect CPI to remain high for longer.

With all the weak macro data suggesting the FED will be forced to hike for longer, stocks ignored it all & ripped higher.

I cover SPX & NDX charts as well Aussie index XJO, discussing potentially weak price action could occur from FOMC if Powell disappoints. With the charts showing bearish flags or rising pendants.

Lastly I cover the massive date dump of macro news coming out this week including FOMC & NFP's on Friday.

Links:

https://www.cnbc.com/world/?region=world

https://www.zerohedge.com/markets/americans-savings-rate-plunges-near-record-lows-inflation-overwhelms-income-growth

https://www.zerohedge.com/markets/december-rate-hike-odds-rise-after-feds-favorite-inflation-signals-show-no-signs-slowing

https://www.zerohedge.com/personal-finance/us-pending-home-sales-collapsed-october-weakest-2010

https://www.zerohedge.com/personal-finance/umich-inflation-expectations-increase-september-hope-dips

https://www.forexfactory.com/calendar?week=this

Follow me:

Twitter: @crushthemarket

#FED #Bonds #Yields #Stocks #BOE #Pivot #Inflation #PCE #FOMC #SPX #CPI #NDX #XJO #FED #Powell #Property #RBA #NFP