Economic Reports Due out (Times are EST): Consumer Sentiment (9:55am)
Premarket Update (Updated 8am eastern):
- US futures are mixed/flat ahead of the opening bell.
- European markets are trading mixed/flat.
- Asian markets were mixed/flat as well.
Technical Outlook (S&P 500):
Another intraday recovery in the S&P to finish in the green for the fourth straight day. 10-day moving average continues to act as resistance for the S&P. Steep downtrend off of the 5/1 highs was broken yesterday at the close. Not a game changer, as a downtrend that steep, was bound to be broken sooner than later. Four-day bounce has pushed the S&P towards short-term overbought. Weekly chart we remain oversold. Volume was notably less yesterday. Nearest level of resistance for the S&P is at 1340 and then again at 1357. 1294-5 becomes the key support level for the bears to push below. After that we have a support area at 1275. VIX is still elevated and rests near 22. 30-minute chart shows some consolidation finally, and the potential for a higher-low. S&P is trading below the 10-day, 20-day and 50-day moving averages.
My Opinions & Trades:
