April Chicago PMI is 56.2 vs March's 62.2. New orders decreased substantially from 63.3 (a very strong number in March) to 57.1. There was some weakness in the market ahead of the official release (as subscribers get this news 3 minutes before it is announced on CNBC) and is now stabilizing. Again the key level for the S&P 500 is to hold the top end of this April range, around 1393.
I would note Chicago has a good amount of automotive exposure and despite the action in the auto stocks, there has been a nice pickup in that business.
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