Good morning. Happy Wednesday.
The Asian/Pacific markets closed mostly down. Europe is currently mixed. Futures here in the States point towards a slight up open.
The market was spooked yesterday by Consumer Confidence numbers. Intense selling followed the release, and then the market flat-lined the rest of the day.
Coming into this week I noted the market was in no-man’s land. Resistance didn’t come into play until 1130 on the S&P (20 points above), and given the run up, there wasn’t much support below. It was time to be more conservative because the risk/reward for entering new trades was not favorable. Here’s the S&P daily. I still don’t consider this easy to read. Maybe 1090 will act as support because it did for a short time in late Jan, perhaps it won’t.
I’m not sure the market is ready to leg up again. I see it pulling back a little further or grinding sideways. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers