Before the Open (Nov 14)

Good morning. Happy Monday. Hope you had a nice weekend.
The Asian/Pacific markets closed mostly up. South Korea, Taiwan, China and Hong Kong gained around 2%, and Indonesia, Japan and Singapore gained more than 1%. Europe is currently down across the board. Belgium, France, Germany, Amsterdam and Stockholm are down more than 1%. Futures here in the States suggest a negative open for the cash market.
I don’t have anything to add to my weekend comments. Technically the market is in decent shape on an intermediate term basis. The indexes rallied nicely off their early-October lows and are now in consolidation mode. Absent major news that has the ability to trump the charts, the odds favor a continuation of the trend and a test of the summer highs. But we don’t live in a world that is absent potentially market-moving news. At any time news from Europe could pull the floor out. This means despite my up bias, we need to be careful.
Here’s the daily S&P. Soon the index will move through one of the red trendlines. If the move is up, I’ll eye the upper blue trendline which is drawn parallel to the lower red. If the upper blue can’t turn price back, the summer high becomes my target. The same, but opposite, is true for a downside move.

The technicals say a move is coming soon, but can Wall St. run without more clarity from Europe? We’ll see.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers