Economic Reports Due out (Times are EST):

  • No Major Economic Data

Premarket Update (Updated 8am eastern):

  • Futures are positive this morning
  • European markets are mixed with Britian up 0.63%, Germany down 0.02%, and France up 0.51%
  • Asian markets are also mixed with China up 0.19%, Japan down 0.20%, and Hong Kong down 0.59%

Commodities

  • Precious Metals are lower, with gold down 0.23%
  • Energy futures are lower, crude oil down 0.31%
  • Natural gas futures also lower at 0.57%, and Copper is higher by 0.88%

Technical Outlook (S&P):

  • SPX was able to hold the 200 day moving average thus far
  • Yesterday we receieved a low volume consolidation which could be the start of more
  • We are very overbought so look for a pull back or consolidation to get us out of that

My Opinions:

  • Yesterday was the start of our low volume choppy days
  • We should expect the rest of the week only to be the same
  • Breakouts are trying to go on no volume
  • Keep trading light and stay nimble this week

Chart

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