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University of Michigan index fails to lift US stocks-check out the S+P 500

The University of Michigan consumer confidence index has just been released and it was slightly lower than forecast at 76.5 (77.1 forecast). The inflation expectations were unchanged though and that is a core component of this data. The markets were looking for a slight rise there and that has just lifted US bonds off their lows and hence nudged the dollar ever so slightly lower. However, it is worth watching to see if there is more than just a passing impact from this data in that regard. The US equity markets have certainly not reacted positively to this and that might be telling. The S+P 500 index has closed last night at 5,150. It reopened today at 5,123 and has traded to a low at 5,110. In respect of the technical picture on this one, the reader is again reminded of the outside day reversal it set the other day and that continues to focus the downside here, more than the upside right now. The index is just now trading at close to session lows 

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