morning folks. futures gapping up slightly. the S&P up .2% with the Nasdaq leading up .55%. Slight weaknes overseas but nothing to lament about. Crude oil dipping down slightly to the 75 range. (something to keep an eye on)
This morning we have three reports to watch. At 9 the s&p shiller home readings and at 10 both consumer confidence and richmond Fed Of the three Consumer Confidence is the most important. Expectations are calling for a 53 range
Key levels to watch SPX 1150 (overhead resistance)
Spx 1132-1117 (the zone between the breakout spot and the 200dma)
thats a pretty tight trading range so expect a bit of ping pong between whcih can lead to a lot of chop. Thats ok. Slight weakness can be healthy. there are still tons of great setups that can be played as we know. Right now i think we are gonna have some slight weakness for a day or 2 then a pop but that can change as we have a ton of data out there that can interupt our plans so we will be wary of that.
While we are in this narrow range its tough to get positioned to aggressively we need to get a direction on where we can go. The one thing I will mention is that even though we got rejected by spx 1150 yes.terday that is too be expected. Major levels of support and resistance are rarely broken on the first try. Bottoms and tops are a process rarely an event. Expect multiple taps.