-The SPX 500 sits about 20 point’s higher (screenshot as of 7:50am EST) from last Friday’s close on the S&P 500. Support remains at the 1,255 area (0.618 Fibonacci retracement) as well at the 200 day moving average at 1,257 area. Resistance will come in at the 1,294 area (0.764 Fibonacci retracement level). We should see increased volume as we approach the US open.
-Today’s agenda will include the release of the ISM Manufacturing PMI at 10:00am EST. If results are above expectations it could help equities continue its bullish trend. If results fail to meet expectations volume may hold off until 2:15pm which is the FOMC Meeting Minutes. Be sure to use stops properly in case any Euro rumors are spread as it can be a catalyst used to shift the markets.
