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
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