- Asian markets traded 0.4% higher.
- European markets are trading 0.7% higher.
- US futures are trading 0.3% higher ahead of the market open.
Economic reports due out (all times are eastern): Housing Statrts (8:30), Jobless Claims (8:30), Janet Yellen Speaks (8:45), Philadelphia Fed Survey (10), EIA Natural Gas Report (10:30)
Technical Outlook (SPX):
- Whiplash price action yesterday that resulted ultimately in a small move for SPX.
- With the morning gap up, SPX has its sights set on breaking through 2007 and establishing new all-time highs today.
- The one troubling aspect of this market is that despite the market being right near all-time highs, stocks in general are well off the their recent highs. In fact only 39% of stocks are trading above their 40-day moving average.
- While SPX chart has a bullish tilt to it, I would still show caution as stocks aren't nearly as healthy under the surface.
- Volume has becoming significantly strong in the past two days.
- SPX has established a new uptrend on the 30-minute chart.
- VIX remained nearly unchanged at 12.65.
- At the moment there is little to no fear in this market. That can always change, but no major themes in the market that can cause problems for it right now.
- The market doesn't care about the economy nor earnings. That is not what is driving it. The market only cares about what the Fed is doing to keep equities propped up.