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Afternoon Note

Not A Mutiny

By Charles Payne, CEO & Principal Analyst
3/25/2024 1:33 PM

We wouldn't call it a mutiny, but two major Fed officials are sounding a lot more cautious than Powell.

So, the pendulum swings again, and instead of a potential tradable upside breakout, we want the S&P 500 to hold at the key support of 5,100.

Energy (XLE) is breaking out supported by rising oil prices. WTI continues to hold near its best level in four months, reclaiming the $80 level.

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On the economic front, the Dallas Fed Manufacturing index went down to -14.4 from 11.3 in February, missing consensus of -11.5. Production and shipment fell back into contraction alongside new orders.

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February new home sales unexpectedly drop to -0.3%m/m from +1.7% in January, missing the consensus of +2.1%.

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