Economic Reports Due out (Times are EST): Jobless Claims (8:30am), Philadelphia Fed Survey (10am), E-Commerce Retail Sales (10am), Leading Indicators (10am), EIA Natural Gas Report (10:30am)
Premarket Update (Updated 8:30am eastern):
- US futures are flat ahead of the open after giving up the overnight gains.
- European markets are trading -1.3% lower.
- Asian markets were mixed, ranging from -0.3% up to +0.9%.
Technical Outlook (S&P 500):
Yesterday, we saw the market, yet again, give up its solid intraday gains, and finish in the red. 9 out of the last 11 trading sessions have finished lower, and we are now firmly back in oversold territory short-term. Minor support at 1301. Significant support in the 1294 area. Slight up tick recently in S&P volume levels. A bounce at these levels seems likely. A strong bounce could take us as high as 1357. Closing lows haven’t been seen since 2/1/12. 30-minute chart shows a very strong downtrend in place with consecutive lower-highs and lower-lows. Confirmed the double-top pattern on the S&P daily. S&P is now trading below the 10-day, 20-day and 50-day moving averages. On the weekly chart, we confirmed the bearish wedge pattern that we had been following for weeks. Very bearish development for the market.
My Opinions & Trades:
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