MDM remains on its sell signal. The S&P 500 is flirting with its 50-day moving average. Volume is currently slightly higher on both the S&P 500 and NASDAQ Composite.
The major averages reacted somewhat negatively to the Consumer Price Index (CPI) for April which came in slightly above expectations, pushing the year-over-year increase to 1.1%. Higher inflation numbers may force the Fed's hand to raise rates sooner than later. That said, Fed futures on the odds of a rate hike at the next meeting rose slightly, but are still at ultra-low levels.
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