Amazon and Intel beat earnings, fueling a relief rally. PCE numbers come in hot as consumers continue to spend.
Good afternoon, traders. It’s Chris Chavez with Blue Line Futures and it’s your daily midday market minute. We’ve got a lot of economic data here this morning. Amazon and Intel reported yesterday propping up the markets. But before we get to it, if you’re watching this video like it, subscribe if you’re on our website. There’s also a link to direct you to YouTube.
You can subscribe that way. We’d love for you to follow us. We’d love for you to help us build our following. So, yeah, looking at the economic data here this morning, we got PC Michigan numbers as well. When looking at the year over year, numbers came in at expectations. The month over month number, however, did show a little bit of an uptick.
Now, when we look at the personal spending component today that came in at 7/10 versus 5/10 expected. So we’re still seeing a resilient consumer. Consumers are continuing to spend. And we look at personal income that came in at 3/10 versus 4/10 expected. So this was a third consecutive declining month for personal income, disposable income. So we’re continuing to see consumers tap into their savings and spend more money as they’re not earning more disposable income.
Now, this really begs the question, how long can the consumers continue to spend to tap into their savings, deplete their savings, and continue to spend? Maybe we’re going to see a little bit of a slowdown here coming into this holiday season. Definitely something to keep an eye on. And we’re looking at some of this Michigan data inflation expectations came in at 4.2% versus 3.8%.
Expected consumer sentiment did show a little bit of strength here today, slightly above estimates and consumer expectations slightly below estimates. So a little bit of a mixed bag there. But when we’re looking at some of these significant resistance levels, as we’re seeing a little bit of support here today, and the Nasdaq, the S&P have just been slammed as of late.
We’re going to want to see continued momentum to the upside and a major four star resistance level to keep an eye on looking at the S&P is going to be 4209 and three quarters, two, 4213 and a quarter. And we’re looking at the Nasdaq, the tech sector. Again, we’re still amidst earnings season and a lot of these big names that are going to be reporting Apple and Adobe are really going to influence, you know, the Nasdaq and the tech sector as a whole.
So major four star resistance to keep an eye on. There’s 4014 for 44 to 14 for 78. Now, if you have any questions, reach out to our trade desk. We’re here for you. Remember, futures trading involves substantial risk of loss and is not suitable for all investors.