- 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): ICSC-Goldman Store Sales (7:45), Durable Goods Orders (8:30), Redbook (8:55), S&P Case-Shiller HPI (9), Consumer Confidence (10), Richmond Fed Manufacturing Index (10), State Street Investor Confidence Index (10)
Technical Outlook (SPX):
- SPX looks to gap up and push through the 50-day moving average this morning which would be a significant move for the index.
- Yesterday's minor sell-off, occurred right below minor resistance. But despite the down day, the dip-buyers showed that they are back and looking to buy the dips.
- VIX only dropped 0.4% to 16.04.
- Next key level of resistance for SPX should hover around 1984.
- Volume continues to drop off and back to levels that we saw prior to the sell-off.
- SPX now short-term overbought.
- SPX 30 minute chart continues to show consecutive higher-highs and higher-lows, though the trend itself has flattened out some.
- 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.