Data released on Monday was soft for Canada and the U.S.A., most notably a decline in Canada's GDP, a rise in the U.S. Core PCE Index (which excludes food and energy...and Mr. Bernanke's been blaming the cost of gas for a rise in inflation...hmmmm), and a decline in U.S. consumer spending, as shown on the graphs below.
As I'm writing this during market hours, we'll see where the SPX closes relative to this uptrend line today, and ahead of total vehicle sales on May 1, multi-employment data on May 2, 3 and 4, and the Greek and French elections on May 6.
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