- Asian markets traded 0.1% lower.
- European markets are trading 0.2% lower.
- US futures are trading 0.1% lower ahead of the market open.
Economic reports due out (all times are eastern): ICSC-Goldman Store Sales (7:45), Consumer Price Index (8:30), Empire State Manufacturing Survey (8:30), Janet Yellen Speaks (8:45), Redbook (8:55), Treasury International Capital (9), Housing Market Index (10)
Technical Outlook (SPX):
- Respectable bounce yesterday, but it keeps us between resistance (1839) and support (1814).
- Yesterday's intraday action on SPX indicates that the bears are attempting to short the rips.
- 30 minute SPX chart shows a possible double bottom in place.
- Tax Day traditional is a bullish day for the markets. Only 6 times since 1981 has been bearish (last year was bearish).
- Two key resistance levels need to be broken to restore confidence in trading to the long side: 1839 and then the seemingly impossible 1873.
- If SPX's Friday lows are broken expect 1790 of the rising trend-line off of the August lows to be tested.
- Volume continues to come in strong on each sell-off.
- The Market doesn't care about the economy nor earnings. That is not what is driving them. The markets only care about what the Fed is doing to keep equities propped up.
My Opinions & Trades: