As a reminder, tomorrow is a stock options expirations, so manipulation of the tape in the short term at least is the order of the day. This may explain some of the recent bounce in equities despite the poor economic news.
We also get some interesting economic data including the long term TIC flows, Capacity Utilization, Industrial Production, preliminary Michigan Sentiment for May, Empire Manufacturing and of course the CPI.
If we get a solid break to the downside, expect a marked increase in 'hysteria.' This will be the time for a trader to keep a cool head. Rants are fine if they help you release stress, and they can be fun, but ranting does not put money in your bank account and can turn into an emotional crutch, a bad habit that distracts you from seeing valuable information with a clear head.
The short term indicators have been updated after the close, and a daily SP 500 chart with the moving averages has been added. The SP 500 is at a key support level.
Here is the daily SP 500 Chart with an Important Observation on the Moving Average
