Before the Open (Sep 16)

Good morning. Happy Thursday.
The Asian/Pacific markets closed mostly down – China lost almost 2%. Europe is currently mostly down – losses are small. Futures here in the States point towards a moderate gap down open for the cash market, but there’s lots of news out at 8:30 EST, so this could change.
I don’t have anything to add to or changed from yesterday’s PM Obs, so I won’t repeat anything here.
The market has done well lately. Most of the indexes are close to resistance. The Nas 100 is already at a new high; the Russell 2000 small caps are lagging. Everyone on the planet sees the same charts we see, so it’s helpful to think in terms of who’s on the other side of the trade.
The semis have perked up this week. The banks continue to hold up. Both groups need to continue.
I don’t have anything else to say right now. My bias is cautiously to the upside, but just like we couldn’t be overly bearish at the lows two weeks ago, we can’t be overly bullish here at the highs right now.
Here’s the S&P 5-min, 4-day chart. On a very short term basis, I see resistance at yesterday’s high and possible support in the 1120-1121 area.

headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers