Economic Reports Due out (Times are EST): S&P Case-Shiller HPI (9am), Consumer Confidence (10am), State Street Investor Confidence Index (10am), Dallas Fed Manufacturing Survey (10:30am)
Premarket Update (Updated 8:30am eastern):
- US futures are moderately higher ahead of the opening bell.
- European markets are trading mixed/flat.
- Asian markets finished 1% higher.
Technical Outlook (S&P 500):
Choppy session on Friday, that ended up seeing the market sell-off into the afternoon. Daily chart of the S&P shows me that we are merely forming another bear-flag pattern. The 10-day moving average was tested on Friday for the third time in the past four sessions and still did not manage to close above the declining resistance level. Four-day bounce from last week has pushed the S&P towards short-term overbought. Weekly chart we remain oversold. 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 above 20 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:
