Economic Reports Due out (Times are EST): 

  • Case-Shiller Index due at 9:00am ET
  • Consumer Confidence Index and Richmond Fed Index to report at 10:00am ET
  • Dallas Fed Manufacturing Index is due at 10:30am ET

Premarket Update (Updated 8am eastern):

  • Futures are slightly negative to start the morning off
  • Europe has been trading higher putting in gains of 1%, Germany is higher at 0.24% and France is up 0.29%
  • Asian stocks are mixed with China down 1.08% and Japan down 0.46%

Commodities

  • Precious metals are lower, with gold down 0.54%
  • Energy is higher, with crude up 0.15%
  • Natural Gas is lower 0.83%
  • Copper is lower at 0.85%

Technical Outlook (S&P):

  • SPX did well to clear the resistance of the 200 day moving average and previous neckline
  • We’ve moved from oversold to overbought really quickly
  • Be ready for a consolidation or a pull back phase
  • We’ve been unable to hold above the 200 day moving average for any length of time

My Opinions:

  • Watch for a low volume week as most traders will be off this week
  • Don’t expect anything major to come out before the new year
  • Markets will probably chop around until next week
  • Trade light and stay nimble

Chart 

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