Closing Notes for Tuesday, April 23
Crude likes that green line
UNH remains weak after failed gap fill, or is that a close-enough gaop-and-crap?
USDMXN behaved as I’d expect on a rally day for stocks. Getting into a support area now from the earlier rally.
Finally, the 2s10s was weak all day and then cranked into the close. Maybe building towards something…
I had two lines for the S&P 500 futures. It came within 10 points of the first one. Next one is 50 points away from here.
Finally, Pepsi doesn’t have a great chart at the moment, but it reported weaker spending by lower-income consumers.
McDonald’s and Domino’s both report next week, and they’re two examples of cannibal companies that like Pepsi, were reporting sales growth below price increases for the past 12 to 18 months as they priced out consumer. If they’ve all finally hit a wall, it’s a major one.