US Retail Sales came in weaker than expected today. However, the trend remains positive on a year-over-year basis. The slowdown is attributed to weaker demand due to the U.S. experienced sub-freezing temperatures and winter storms overwhelmed power grids in Texas and the Great Plains.

This comes when the US equity market is continuing to make all-time highs, though price action looks overdone relative to our risk ranges. Looking forward, retail sales are likely to improve significantly as stimulus checks from the government are sent out, bolstering demand. Overall, while the print is disappointing, the outlook is still positive.