May 25 (Bloomberg) -- Sales of previously owned homes in the U.S. fell unexpectedly in April to the lowest level in almost four years, dimming prospects for a quick recovery in housing.
Purchases fell 2.6 percent to an annual rate of 5.99 million last month from 6.15 million in March, the National Association of Realtors said today in Washington. The supply of homes for sale at the current sales pace rose to the highest since August 1992.
We will see if bad news now becomes good news. TNX drops to 48.55, NQ (NDX futures) closes the gap at 1882, which is must hold now. Resistance will be 1889.50, 1895.50 and 1899.
The main concern for the markets right now is to not have any news that will prompt the Feds to raise rates. Most have given up on a cut until after the summer, so that is priced in already. In other words, we could hold a rally on today's news.
Purchases fell 2.6 percent to an annual rate of 5.99 million last month from 6.15 million in March, the National Association of Realtors said today in Washington. The supply of homes for sale at the current sales pace rose to the highest since August 1992.
We will see if bad news now becomes good news. TNX drops to 48.55, NQ (NDX futures) closes the gap at 1882, which is must hold now. Resistance will be 1889.50, 1895.50 and 1899.
The main concern for the markets right now is to not have any news that will prompt the Feds to raise rates. Most have given up on a cut until after the summer, so that is priced in already. In other words, we could hold a rally on today's news.
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