Before the Open (Feb 23)

Good morning. Happy Tuesday.
The Asian/Pacific markets closed mixed – there were no standout winners or losers. Europe is currently down across the board – there are a couple 1% losers. Futures here in the States point towards a small gap down open. This comes off a nice rally last week and a light-volume, tight range day yesterday.
I don’t have much to add or change from what I wrote over the weekend. The short term trend is up, but I see no support or resistance within 20 points of the S&P’s Monday’s close. On an intermediate term basis, the indexes are neutral – they’re unchanged over the last 4 months. For traders, there have been opportunities on the long and short sides, but for investors, there hasn’t been anything to get excited about. Long term the trend is still up from the March low.
Here’s the 60-min chart. I consider this no-man’s land. Support and resistance are nowhere to be found.

My bias remains to the upside, but we no longer have oversold breadth indicators to help push us higher. Also, after a 50-point SPX move, we no longer have short covering to propel us. From here, there has to be real buying, and that will be much harder to come by. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers